XRP: A digital storm in the making?
XRP staged a remarkable price surge last week, rising by more than 12%. More excitingly, there are signs that XRP may see stronger upward momentum in the coming weeks, and even break through the long-formed bull flag pattern.
Bull Flag: A signal of momentum
According to CoinMarketCap, the XRP market has been dominated by bulls over the past week, with the current price hovering at $0.5948, and the market value exceeding $33 billion, ranking seventh in the cryptocurrency market value. At the same time, a key technical pattern is brewing.
Well-known crypto analyst Milkybull pointed out that a 6-year-long bull flag pattern has appeared in the XRP price trend. The pattern has been formed since 2018-2019, and the XRP price has been fluctuating in it. Currently, the price is on the verge of a breakout. Once it breaks through, XRP may start a new round of bull market, and even set a new record high in the coming weeks or months.
On-chain data: mixed
To further explore the potential trend of XRP, we analyzed the on-chain data in depth.
Santiment data shows that the supply of XRP on exchanges has fallen, indicating that investors are actively hoarding. However, other indicators show a more pessimistic trend. For example, the MVRV ratio fell last week and trading volume also shrank, suggesting that the current rally may be difficult to sustain. In addition, the decline in the number of whale transactions indicates that large investors have weakened their trading interest in XRP. The Fear and Greed Index is currently at 69, which is in the "greed" range and often indicates the possibility of a price correction.
In terms of technical analysis, the daily candlestick chart shows that the fund inflow index (MFI) is about to enter the overbought area, which may trigger an increase in selling pressure in the next few days.
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