XRP Gains Momentum as Exchange Outflows Spike, Potential Bullish Crossover on the Horizon
Investors are showing increased interest in XRP as its exchange outflows have spiked, potentially signaling a bullish trend for the altcoin. As of press time, XRP was trading at $0.5474 and has been consolidating over the past week with minimal volatility. However, an analysis by AMBCrypto suggests that XRP may be awaiting a golden crossover according to the Moving Average (MA) cross technical indicator, which could lead to a price hike.
The MA cross indicator showed an ascending triangle pattern on XRP’s daily chart, with a breakout above this mark potentially triggering a major bull rally. Additionally, Santiment data revealed that XRP’s weighted sentiment remained primarily positive, indicating strong bullish sentiment across the market. Other metrics such as MVRV ratio and network growth were also favorable for an upward trend.
Coinglass data further supported this outlook with an increase in the token’s long/short ratio over the past few hours – more long positions than short positions – suggesting bullish developments. However, bears may gain control if Money Flow Index (MFI) continues to register downticks.
If a bullish breakout occurs and takes XRP above $0.55 resistance level without triggering liquidation heatmap concerns at that level, it could signal significant upward movement for the altcoin in the coming days.
