- A breakout above this pattern could see XRP approach $3.
- Buying pressure for the token increased, but market sentiment turned bearish.
After a week of price increases, Ripple Bears have stepped up their offensive by pushing the token down over the past 24 hours, but this may just be the beginning of a new bull market.
XRP was on the brink of breaking out of a multi-year bull market pattern. Let’s evaluate XRP’s metrics to see if a breakout is likely to occur.
XRP Multi-Year Patterns
CoinMarketCap data It revealed that the token’s price has surged by over 5% in the past seven days, but in the past 24 hours, bears have taken control of the market, with XRP recording a price drop of nearly 2%.
At the time of writing, the token is trading at $0.5965 and has a market cap of over $33.5 billion, making it the seventh-largest cryptocurrency.
Meanwhile, popular cryptocurrency analyst World of Charts: Tweet A multi-year bullish triangle pattern is highlighted on the token’s chart. The pattern emerged in 2020 and the token’s price has been fluctuating within the pattern ever since.
Source: X
According to the tweet, XRP is showing notable strength and consolidating within a multi-year symmetrical triangle formation. The pattern suggests a high probability breakout that could trigger a massive bullish wave and push the price above $3 soon.
The tweet also pointed out a number of factors that could spark a bull market, including buying pressure and market sentiment.
What’s next for XRP?
Therefore, AMBCrypto planned to evaluate these factors to see if they support the possibility of a bullish breakout. AMBCrypto’s analysis of Santiment’s data revealed that XRP trading volume and price are on the rise.
Source: Santiment
Buying pressure for the token increased, which was evident from the declining supply on exchanges. The fact that investors were buying the token was further evidenced by the sudden increase in outflows from exchanges.
Besides that, whales have also been actively trading XRP in recent days, with an increased number of transactions, but market sentiment around the token has turned bearish.
This appears to be the case, as the token’s weighted sentiment has dipped into negative territory. The token’s social volume has also decreased, reflecting its declining popularity.
Source: Santiment
AMBCrypto then checked the daily chart of XRP to see what market indicators were suggesting.
read Ripple [XRP] Price Prediction 2024 – 2025
We have seen the token Chaikin Money Flow (CMF) drop and head towards the neutral mark.
The relative strength index (RSI) is showing a similar trend, suggesting that it may be some time before XRP surpasses its multi-year bull market pattern.
Source: TradingView
