XRP Poised for a Significant Price Surge

XRP is currently experiencing a red phase on the daily chart, which also stands out as the price is leaving a symmetrical triangle pattern.

Azcnews Xrp (1)

The market has seen a uniform increase in prices, especially for XRP, making the weekly charts of most cryptocurrencies sparkle. Although XRP’s daily chart is currently in the red, this could present positive opportunities for the token, which is on track to overcome a key resistance level.

According to information from CoinMarketCap, the value of XRP has increased by 15% in the last seven days. Although the daily chart recorded a slight decline of 0.5%, at the time of writing, XRP was trading at $0.644 with a market capitalization surpassing $35.2 billion.

XRP Ledger XRP 16.00.15 05 Mar 2024.png

Source: Santiment

World of Charts, a reputable source of information in the cryptocurrency community, has revealed that XRP is experiencing a breakout from a bullish triangle pattern. In fact, the tweet from them suggested that this breakout could send the price of the token 2-3 times higher.

Will XRP reach a new all-time high (ATH)?

Although XRP’s price increased last week, its social dominance decreased over the past week. However, positive sentiment around the token has increased, showing that optimism prevails in the market.

XRP Ledger XRP 16.08.43 05 Mar 2024.png

Source: Santiment

The data also shows many encouraging signs for price increases. For example, the token’s MVRV ratio increased last week, a sign that the price may continue to rise.

Related: XRP Breaks Six-Year Trendline, Price Poised for Strong Surge?

The token’s network is growing strongly, with many new addresses being created to convert tokens. The token’s funding ratio remains steady at a positive level, showing that buying is dominating the derivatives market.

XRPUSDT 2024 03 05 16 23 08.png

Source: TradingView

Meanwhile, when examining XRP’s daily chart to evaluate indicators related to price action, several indicators support the possibility of a price increase. The token price has reached the upper limit of the Bollinger band, while Chaikin Money Flow (CMF) shows signs of a slight decrease, increasing the chances of a price correction. However, the MACD is rising, showing a positive bullish crossover.

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