Investors appear to be realising XRP trading as outflows from exchanges surge
This Altcoin Will Face Resistance At $0.55 If It Heads North
XRP has been going through a consolidation phase recently with its price chart showing minimal volatility. However, it is likely that its market trend will change soon in the next few days.
So, does this mean that investors are warming up and waiting for a strong XRP rally?
XRP is waiting for a golden cross!
At press time, XRP – the world’s seventh-largest cryptocurrency – has seen only slight movement over the past 24 hours. The altcoin is trading at $0.5474 on its price chart.
However, things could soon turn more positive for the cryptocurrency. This seems to be the case as, according to TinTucBitcoin’s analysis, XRP appears to be awaiting a golden cross, as suggested by the MA cross technical indicator.
Whenever a golden cross occurs, it means a high chance of price increase. Besides the golden cross, there is also the appearance of an ascending triangle pattern on the daily chart of this Token.
A breakout above that level could start a strong bull run.
Therefore, it is worth examining XRP's on-chain data to thoroughly assess the likelihood of a bull run or a golden cross occurring.
XRP, what's next?
By evaluating data from Santiment, it can be seen that XRP’s main trading sentiment index remains in positive territory. This means that the positive sentiment surrounding this Token is dominating the entire market.
Several other indicators are also showing signs of improvement as they suggest upside potential. For example, the MVRV ratio has improved significantly.
In particular, XRP network growth is high, which means that more and more new addresses are being created to transfer tokens. On top of that, XRP exchange outflows are also increasing. Growth in this indicator means that buying pressure is also increasing. This usually leads to price increases on the chart.
Source: Santiment
Another bullish indicator is revealed when examining data from Coinglass. We notice that the long/short ratio of the Token has been increasing over the past hours. This shows that there are more long positions than short positions in the market – A positive development.
Several other technical indicators on the price chart also hint at the possibility of a bullish breakout in the coming days.
For example – MAC clearly shows a bullish advantage in the market. However, bears may also have the upper hand as the Token’s Money Flow Index (MFI) shows a slight decline.
Finally, we checked the XRP liquidation heatmap to look for any resistance levels ahead in case a bullish breakout occurs.
According to our analysis, if a bullish breakout occurs, it is important for the token to break above $0.55. This is the case when liquidations will increase sharply at that level. However, if bears take over the market, XRP could fall to $0.53 in the short term.
Source: Coinglass
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