XRP price surges 3% as bulls gain control
The crypto market continues to show resilience with XRP’s price increasing by over 3% in the last week, indicating a positive performance for investors. While the daily and weekly charts remained green, an analysis has predicted a potential massive bull run for the token. However, there are other factors to consider. According to CoinMarketCap data, XRP’s social metrics experienced a dip, with the Social Volume dropping, reflecting a decline in its popularity. Its Weighted Sentiment also dipped, revealing an increase in bearish sentiment around the token.
A popular crypto analyst Amonyx suggested that XRP was waiting for a massive bull rally, based on the Elliott Wave Theory. The analyst highlighted a bullish pattern and indicated that XRP was testing a resistance, hinting at a breakout that could trigger a bull run. Although a similar occurrence in the past caused a bull run, it did not materialize on this occasion, as XRP experienced a correction.
To better understand XRP’s future prospects, Santiment’s on-chain data was analyzed. It was found that network growth dropped sharply, implying a decrease in new addresses to transfer the token. Coinglass’ data showed that XRP’s Long/Short Ratio dropped, indicating an oversupply of short positions and potential bearish sentiment. However, the MVRV ratio looked optimistic as it improved over the past few days.
As for potential targets, an analysis of the daily chart revealed a dip in the RSI, which could cause a price drop towards $0.48. On the other hand, the MFI has moved upwards, suggesting a price surge towards $0.59. Only time will tell how XRP will perform in the coming days and if the bulls will continue to have an upper hand.
