XRP, the native token of Ripple Labs, is poised for significant upside momentum following the breakout of a bullish price action pattern on the daily timeframe. Over the past few days, the overall cryptocurrency market has been struggling, and during this period, XRP experienced a prolonged consolidation.
According to expert technical analysis, XRP has broken out of a bullish flag and pole price action pattern on the daily timeframe and has closed a daily candle above the pattern. This pattern breakout has ended XRP’s prolonged consolidation. Based on recent price action, there is a strong possibility that it could soar by 80% to reach the $4.5 level in the coming days.
This bullish pattern appears to be a textbook example, indicating an ideal buying opportunity for traders and investors looking for long-term holdings.
Besides the recent breakout, XRP investors have already shown strong interest and confidence in the token, even during periods of price struggles. Since December 18, 2024, exchanges have recorded token inflows on only three days, despite a notable price decline across the market, as revealed by Coinglass’s spot inflow/outflow metrics.
However, in the past 24 hours, on-chain metrics indicate that investors have withdrawn a significant 13 million XRP tokens from exchanges, highlighting the continuous accumulation by long-term holders. This ongoing accumulation could strongly support XRP in its rally.
Besides long-term holders, trader participation has also skyrocketed. Since the breakout, XRP’s open interest has jumped by 31%, indicating strong engagement from traders amid the market shift.
Currently, XRP is trading near $2.54 and has experienced a price surge of over 8.75% in the past 24 hours. During the same period, its trading volume jumped by 60%, indicating heightened participation from traders and investors.
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