XRP, Ripple Labs’ native token, is poised for significant upside momentum after breaking out of a bullish price action pattern on the daily time frame. In recent days, the overall cryptocurrency market has been struggling, and during this period, XRP has experienced a prolonged consolidation.
XRP Price Prediction
According to expert technical analysis, XRP has broken the bullish flag and pool price action pattern on the daily time frame and closed a daily candle above the pattern. This pattern break has put an end to XRP’s long-term consolidation. Based on the recent price action, there is a high chance that the price could rise by 80% to reach the $4.5 level in the coming days.
This bullish pattern appears to be a textbook example and indicates an ideal buying opportunity for traders and investors looking for long-term positions.
On-Chain metrics point to investor confidence
In addition to the recent breakout, XRP investors have already shown strong interest and confidence in the token, even during periods of price struggle. Since December 18, 2024, exchanges have recorded an inflow of tokens in just three days, despite a notable price drop in the market, as shown Mint glass spot inflow/outflow statistics.
$13 million in XRP outflows from exchanges
However, on-chain statistics show that investors have withdrawn a significant 13 million XRP tokens from exchanges in the past 24 hours, highlighting the continued accumulation by long-term holders. This continued accumulation could strongly support XRP in its rally.
In addition to long-term holders, merchant participation has also skyrocketed. Since the outbreak, XRP open interest has increased by 31%, indicating strong trader engagement during the market shift.
Current price momentum
Currently, XRP is trading around $2.54 and has experienced a price increase of over 8.75% in the last 24 hours. During the same period, trading volume increased by 60%, indicating greater participation from traders and investors.
