Ripple Labs’ native token, XRP, is poised for significant upward momentum after a bullish price action pattern emerged on the daily time frame. The entire cryptocurrency market has been struggling over the past few days, during which time XRP has experienced a prolonged consolidation.
XRP price prediction
According to expert technical analysis, XRP broke the bullish flag and polar price action pattern on the daily timeframe and closed the daily candle above that pattern. This pattern breakout ended a long-term consolidation for XRP. Recent price action suggests that it is likely to surge 80% in the next few days and reach the $4.5 level.
This bullish pattern appears to be a textbook example of an ideal buying opportunity for traders and investors looking to hold for the long term.
On-chain metrics indicate investor confidence.
In addition to the recent breakthrough, XRP investors have already shown strong interest and confidence in the token even during the price struggle. As Coinglass’ spot inflow/outflow indicator shows, since December 18, 2024, exchanges have recorded token inflows in just three days despite notable price declines across the market.
$13 million worth of XRP leaked from exchanges
However, in the last 24 hours, on-chain indicators show that investors have withdrawn a significant 13 million XRP tokens from exchanges, highlighting continued accumulation by long-term holders. This continued accumulation could strongly support a rally for XRP.
In addition to long-term holders, there has also been a surge in trader participation. Following the breakout, XRP’s open interest increased by 31%, indicating strong participation by 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 last 24 hours. During the same period, trading volume surged by 60%, increasing participation from traders and investors.