đ„Over the past month and a half, XRP price has been moving within a symmetrical triangle pattern, but has repeatedly failed to break above the important resistance level.
Now that the token is showing signs of breaking out of its accumulation pattern, traders are increasingly optimistic about the possibility of a strong rally.
đ„XRP Community Heads for a Bull Run
đXRP traders are increasingly bullish on the possibility of a bull run, as evidenced by positive funding rates. The current streak of positive funding rates is the longest XRP has experienced in over seven weeks. Positive funding rates typically indicate that long-term contracts are dominating short-term contracts, reflecting strong bullish market sentiment.
đThis trend shows that traders are betting on XRP's price to rise, with many showing optimism that the token will rise. If this bullish sentiment continues, it could fuel a sustained rally. This would further strengthen XRP's price action as more investors enter the market.
đXRPâs broader momentum is also showing positive signs. The Chaikin Money Flow (CMF) indicator, which tracks the inflow and outflow of money into an asset, has recorded a sharp increase. This surge suggests that investors are pouring money into XRP, reflecting confidence in the assetâs growth potential.
đA rising CMF usually signals increasing buying pressure, which could be a precursor to higher prices. With investors investing heavily in XRP, the market could continue to see bullish momentum in the short term. This would support the possibility of a breakout and further price increase.
