- XRP’s chart on a daily basis was red as its price exited a symmetrical pattern.
- The market indicators remain bearish.
The green weekly charts of the majority of coins have been a result of the bullish market conditions. XRP. The daily chart of the token turned red. The token was about to break above a key support zone, so things could turn around again in its favor.
XRP has broken above a bullish pattern
CoinMarketCap has a new estimate of the value of Bitcoin. dataXRP has seen its value increase by 15% in the past seven days. The daily chart of the token turned red when its value fell by 0.5%. XRP’s price was $0.644 at the time of this writing with a capitalization of more than $35.2 billion.
Separately World of Charts a popular X handle which posts updates in the crypto space was recently revealed XRP was breaking from a triangle bullish pattern.
In fact, it was mentioned in the tweet that the breakout might result in a 2-to-3-fold price increase for tokens.
Does XRP have a chance to reach a higher ATH?
AMBCrypto looked at other metrics, as there was a possibility that XRP could reach new highs. We found that its social dominance fell last week despite the price rise last week.
The token’s weighted sentiment increased, indicating that the bullish sentiment was dominating the market.
Source: Santiment
Some other metrics indicated that a bull run was possible. The token’s MVRV increased last week and hinted at an increase in price.
The growth of the token’s network also increased, indicating that new addresses have been created for token transfers. The token’s funding rates, which remain green, are another bullish indicator. This suggests that the derivatives markets were dominated by buying sentiment.
Source: Santiment
Read More XRP’s Price Prediction 2024-25
Then, we looked at the token’s chart for the day to see if there were any indicators that suggested a possible price movement. The indicators were bearish, and suggested that there was less chance of a bull run.
As an example, the price of the coin touched the upper limits of the Bollinger band. Chaikin Money Flows (CMF) showed a slight decrease, which increased the odds of a possible price correction.
The MACD, however, looked bullish as it showed a bullish cross-over.
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Source: ambcrypto.com
