Investors foresee additional gain as XRP rises 23% in a week

XRP price and exchange reserve are climbing against the trend.
XRP investors are hanging onto their gains after a 23% price increase last week.

After breaking over a crucial declining channel, XRP may climb to $0.7400.

Ripple's XRP rose over 8% on Monday, extending its weekly gains to 23%. XRP may climb to $0.7400 if investors hang onto their gains.

According to CryptoQuant, XRP's Binance exchange reserve has been climbing since November 6, from 3.105 billion to 3.177 billion on Monday. Also growing is the XRP Upbit exchange reserve, from 6.611 billion to 6.634 billion.

In contrast to the pattern of declining prices, XRP's price has risen with its exchange reserve balance.

The market value to realized value (MVRV) of XRP has reached 56%, while its profit margin has increased to 85%. All XRP holders' average profit or loss is calculated by MVRV.

Profit-taking occurs when holders' gains surge, as they did in recent days in bull markets. According to Santiment statistics, XRP's Network Realized Profit/Loss, which estimates the average profit or loss of all currencies that change addresses daily, has been 0 since November 5. Investors are hoarding earnings for a better return.

XRP's Weighted Sentiment reached 0.066 in 24 hours, likewise high.

Price Forecast: XRP might reach $0.7400 if it breaks $0.6450 barrier.

XRP is approaching $0.6200 after $3.98 million in futures liquidations in 24 hours. Long and short liquidations were $2.95 million and $1.03 million.

XRP crossed its 200-day SMA and a major declining channel's upper barrier over the weekend.

The remittance-based coin may rise above $0.6450 resistance. XRP might reach $0.7400 if it closes above this level.

The important declining channel's upper trendline barrier may support XRP's downward.

The overbought Relative Strength Index (RSI) suggests a price correction.

The thesis fails if the daily candlestick closes below $0.5608.

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