XRP’s market behavior mirrors 2017 breakout, suggesting significant upside potential.
Retail adoption surges, with small wallet growth fueling XRP’s market momentum.
Inflows surpass outflows, signaling potential for renewed upward price movement.
XRP has recently experienced a significant uptick in its market activity, with an intriguing pattern formation that resembles the 2017 breakout. Analyst JAVON MARKS highlights that this new breakout is larger, more than double the size of its previous formation, which eventually led to two target prices being met. XRP’s price has now hit its first target, and the next goal could be as high as $99, a 2,900% increase from its current position.
In simple form, $XRP broke out of a pattern that highly resembles the 2017 pattern, but in a much larger form, more than DOUBLE the size!
The 2017 breakout resulted in two targets met.
Prices of XRP has just met its first target and the next is at $99, over 2,900% away… https://t.co/liX2YgxqAm pic.twitter.com/CgQDHBLl4y
— JAVON
MARKS (@JavonTM1) January 31, 2025
Retail Adoption Drives Market Behavior
Retail interest in XRP has surged, reflecting a broadening adoption of the asset. According to data from Santiment, the number of wallets holding fewer than 100 XRP has seen a sharp rise in recent months.
Since its dip 3 days ago, XRP's market cap has quickly rebounded +13.4%. 4.34M non-empty wallets currently hold less than 100 XRP (currently $313 or less). This is approximately 71.5% of the 6.07M total non-empty wallets currently sitting on the XRP Ledger. pic.twitter.com/ANl9XkBCze
— Santiment (@santimentfeed) January 30, 2025
In just two months, these small wallets grew by 11.6%, marking the fastest and most sustained increase in XRP’s history. This surge now accounts for 71.5% of the total non-empty wallets, with 4.34 million smaller wallets out of the 6.07 million total. This is significant because it indicates growing retail engagement, a factor that could contribute to the asset’s long-term stability and price appreciation.
Momentum Shifts and Market Indicators
The price of XRP recently surged by 85%, reaching a high of $3.15, before settling at $3.07. During this period, the price fluctuated between $3.05 and $3.15, showing a healthy amount of market activity.
However, the momentum has recently slowed, with some bearish indicators emerging. XRP’s Relative Strength Index (RSI) is currently at 59.05, placing it in the neutral zone. Although there are no immediate overbought or oversold signals, the trend is slightly downward.
Furthermore, the Moving Average Convergence Divergence (MACD) line is now positioned below the signal line, suggesting a bullish momentum. Despite these signals, the price remains above $3, reflecting the possibility of further upward movement.
Inflows and Outflows: Market Sentiment Shifts
XRP’s market dynamics have seen a notable shift in recent weeks, particularly in terms of inflows and outflows. After experiencing heavy selling pressure, marked by outflows of over $200 million in late December, XRP has witnessed a period of accumulation.
Notably, large green net inflows were recorded in late November and early January, which coincided with price surges above $3. This shift in market sentiment could signal the beginning of another upward momentum phase for XRP.
The post XRP Price Surge: History Repeating Itself? Analyst Forecasts Double the Gains of 2017 Breakout appeared first on Daily Crypto Market News | Bitcoin and Altcoins News.
