- XRP has been stable in a bull market since last year.
- The token may retest the pattern before the bull run begins.
The cryptocurrency market was somewhat sluggish with no significant price movements in the past 24 hours. Ripple This was no exception.
However, this may just be the calm before the storm, as a long-term bullish pattern has emerged on XRP’s weekly price chart that could lead to a major bull run.
XRP Bullish Breakout
CoinMakretCap data It has become clear that the price of XRP has only fluctuated slightly over the past week. At the time of writing, XRP is trading at $0.6024, with a market capitalization of over $33 billion, making it the seventh-largest cryptocurrency.
AMBCrypto’s analysis of XRP’s weekly chart reveals a long-term descending channel pattern.
Source: TradingView
The pattern emerged on the token’s weekly chart in July of last year, and its price has remained stable within the pattern ever since.
More good news is that at the time of writing, XRP was outperforming that pattern. If the pattern is tested, investors may see the token retest its 2023 highs in the coming months.
Will XRP start a bull market?
AMBCrypto then looked at XRP’s on-chain data to see if it supported a possible new bull market. According to an analysis of Santiment’s data, XRP’s trading volume has decreased and its price has fallen.
This suggests that investors are reluctant to trade XRP at lower prices.
Additionally, on-exchange supply continues to decline, suggesting buying pressure remains high. However, a worrying indicator is the declining MVRV ratio, suggesting prices could fall sharply.
Source: Santiment
Furthermore, at the time of writing this article, XRP Fear and Greed Index The value is 62%, meaning the market is in the “greedy” stage.
When the indicator reaches this level, it indicates the probability of a price correction. Like the aforementioned indicators, most of the market indicators also showed a bearish trend.
For instance, the Relative Strength Index (RSI) recorded a decline, and the Chaikin Money Flow (CMF) chart also showed a similar downward trend.
read Ripple [XRP] Price Prediction 2024-25
Moreover, the token’s price hit the upper limit of the Bollinger Band and retreated.
However, investors should not lose hope just yet. These indicators and metrics may just be hinting at a retest of the bullish breakout. If that is true, XRP will likely begin a bullish rally in the coming days.
Source: TradingView
