XRP Price Prediction: Will the Recent Bullish Breakout Result in a Massive Rally?

The crypto market somewhat turned sluggish in the last 24 hours as there was no major price movement, and XRP was not an exception.

XRP’s price movement was largely flat over the past 24 hours as there was no major price change. However, a technical analysis of XRP’s weekly price chart revealed a bullish breakout, which could lead to a bull rally.

A closer examination of XRP’s on-chain data showed that the trading volume decreased as the price dropped. This indicated that investors were hesitant to trade XRP at a lower price.

Furthermore, the supply on exchanges continued to decrease, suggesting that buying pressure remained high. However, the MVRV ratio dropped, indicating a possible decrease in price.

At the time of writing, XRP’s fear and greed index was at 62%, indicating “greed” in the market. This suggested a high probability of a price correction.

Most market indicators also showed a bearish trend, with the Relative Strength Index (RSI) and Chaikin Money Flow (CMF) both decreasing.

Additionally, the token’s price had touched and pulled back from the upper Bollinger Band limit.

Despite the bearish indicators, XRP’s price had broken out of a long-term descending channel pattern on the weekly chart, which could lead to a bull rally if the pattern holds.

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