There has been an increase of more than 12% in the price of XRP in the last week and the token continues to gain value.
While some market indicators are positive, many metrics for XRP are showing a bearish trend. However, an influential crypto analyst emphasizes that XRP is about to break out of its long-standing bullish formation. Last week, XRP bulls took control and increased the token's price by more than 12% in seven days, according to CoinMarketCap data. Currently, XRP is trading at $0.5948 and its market cap exceeds $33 billion, making it the seventh largest cryptocurrency. This significant move indicates the potential for XRP to break out of a multi-year bullish formation.
Analysis Reinforces Uptrend Expectations
Crypto analyst Milkybull noted in a recent tweet that XRP is following a bullish flag pattern that dates back to 2018-2019. This long-term pattern predicts that a potential breakout could trigger a new bullish wave and the token could reach new highs. The market is closely monitoring the potential for XRP to break through this formation and continue its uptrend.
A deep dive into Santiment's on-chain data reveals complex signals. While the decrease in XRP supply shows that there is a tendency to accumulate in the stock markets and increased confidence in price increases, the MVRV rate, one of the basic metrics, was in a downward trend last week. Additionally, the decrease in transaction volume raises doubts about the sustainability of the current upward trend. The decrease in the number of whale transactions also supports this cautious outlook; Large-scale investors are not actively trading tokens. Additionally, the fear and greed index is at 69%, indicating a “greed” phase that usually precedes market corrections.
On the daily chart, the Money Flow Index (MFI) is approaching the overbought zone, indicating that selling pressure may increase. Chaikin Money Flow (CMF) is showing a slight decline, indicating that a possible bullish breakout may be delayed. However, the MACD indicator remains positive for the bulls and signals a positive breakout
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