What you need to know
XRP is surging 5% and retesting bullish breakout. It targets $3.67, as strong metrics on the chain and technical patterns suggest continued growth and increasing investor participation.
A 5% increase in price is a good thing. Ripple [XRP] has successfully retested its bullish breakout.
This retest not only signals optimism among XRP owners, but it could also confirm the upward momentum.
Price momentum and expert’s bold predictions
A well-known company’s latest report reflects the current optimism in the market. crypto expert Shared a bold forecast on X, formerly Twitter. “XRP’s target is $3.60 next.”
This forecast, which was based upon a breakout flag and pole pattern, quickly became viral, garnering 63K views.
As of press time, the price of XRP stood at $3.28. That’s a gain of 5% over the last 24 hours. This rally is a result of XRP’s successful retesting its breakout. It has also prompted strong investor and trading participation.
CoinMarketCap shows that XRP 24-hour trading volume increased 15% compared to yesterday.
XRP’s on-chain metrics show a bullish trend
The surge in trading volume and price is due to investors who are long-term token holders and have started collecting the token.
The On-chain Analytics Platform Coinglass The XRP tokens worth $32,68 million have left exchanges in recent months, indicating a potential accumulation.
This negative inflow of exchange also indicates that there is strong demand for the currency and this could lead to a huge rally on the upside.
CoinGlass
Traders are following the trend as well. The data shows that the main liquidation levels for XRP are $3.16, and $3.31. This is where traders have over leveraged themselves.
At this level, the market has built up $122.14 millions in long and short positions. The positions appear to be liquidating as prices continue to increase.
CoinGlass
The combination of this on-chain information with the experts bold prediction shows that bulls have the upper hand and push the asset forward to keep its bullish momentum.
The $3.31 mark is the last hurdle that XRP faces. If it passes this point, it could experience a huge price increase.
XRP Price Action and Technical Analysis
AMBCrypto’s analysis of XRP’s technical chart revealed that the coin has become bullish since the breakout, and retesting, of a bullish pattern flag-and pole.
The asset seemed to have been facing some resistance near $3.29.
The neckline is also similar to the inverted Head-and-Shoulders pattern XRP formed on this chart.
TradingView
Multiple bullish trends point towards a very positive future for XRP.
The asset could gain another 12% if it breaks and closes the four-hour candles above $3.30. It may even reach $3.67. XRP’s The Supertrend indicator is green, and is positioned just below the price. This reinforces the bullish scenario.
There is a clear uptrend, with bullish pressure on the market and strong purchasing power.
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Source: ambcrypto.com
