XRP Price Poised for Significant Upside Momentum

The native token of Ripple Labs, XRP, is on the cusp of a substantial price surge following a bullish breakout on the daily timeframe. Despite the overall cryptocurrency market’s struggles in recent days, XRP has experienced a prolonged consolidation period, which has now come to an end.

Breakout of Bullish Flag and Pole Pattern

According to expert technical analysis, XRP has broken out of a bullish flag and pole price action pattern on the daily timeframe, closing a daily candle above the pattern. This breakout is a textbook example, indicating an ideal buying opportunity for traders and investors seeking long-term holdings. Based on recent price action, there is a strong possibility that XRP could soar by 80% to reach the $4.5 level in the coming days.

On-Chain Metrics Signal Investor Confidence

XRP investors have shown strong interest and confidence in the token, even during periods of price struggles. Since December 18, 2024, exchanges have recorded token inflows on only three days, despite a notable price decline across the market, as revealed by Coinglass’s spot inflow/outflow metrics. This suggests that investors are holding onto their XRP tokens, anticipating a potential price surge.

Significant XRP Outflow from Exchanges

In the past 24 hours, on-chain metrics indicate that investors have withdrawn a significant 13 million XRP tokens from exchanges, highlighting the continuous accumulation by long-term holders. This ongoing accumulation could strongly support XRP in its rally. Additionally, trader participation has also skyrocketed, with XRP’s open interest jumping by 31% since the breakout, indicating strong engagement from traders amid the market shift.

Current Price Momentum

Currently, XRP is trading near $2.54 and has experienced a price surge of over 8.75% in the past 24 hours. During the same period, its trading volume jumped by 60%, indicating heightened participation from traders and investors.

Conclusion

In conclusion, XRP’s breakout of the bullish flag and pole pattern, combined with on-chain metrics signaling investor confidence and significant token outflows from exchanges, suggest that the token is poised for significant upside momentum. With a potential price surge of 80% to reach the $4.5 level, XRP is an attractive opportunity for traders and investors seeking long-term holdings.

Source: Coinpedia.org

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