- XRP price has risen by over 10% in the past 24 hours
- Indicators Reveal High Buying Pressure for Tokens
Rippleof Its performance over the past 24 hours has been impressive, with its value seeing a double-digit surge. In fact, the latest price increase has allowed the token to break through a key resistance level, which could lead to further price increases in the coming days.
It is therefore worth considering whether the indicators support a sustained bull market.
XRP is on the rise
Popular crypto analyst World Of Charts recently Tweet An interesting development was highlighted, according to which a bullish descending wedge pattern has appeared on the token’s price chart, with the token consolidating within the pattern after reaching its March high.
The price of XRP has increased by over 18% in the past seven days. In the past 24 hours alone, the token’s value has surged by over 10%. At the time of writing, XRP is trading at $0.5144 and has a market cap of over $28 billion, making it the seventh largest cryptocurrency.
Thanks to the aforementioned price fluctuations, the token was able to break out of this bullish pattern, and if the token continues to test this pattern, investors may see XRP’s value rise by more than 50% in the coming days.
What do the indicators show?
Analysis of Santiment data by AMBCrypto reveals that buying pressure for the token is on the rise, and with a spike in outflows from exchanges, this appears to be the case.
The fact that buying pressure on XRP was high is further evidenced by the falling supply on exchanges, meaning investors are accumulating more of the token. Whale activity around XRP has also been high, as evidenced by an increase in the number of whale trades.
Source: Santiment
How to read coin glasses data It was also revealed that the token’s open interest rose along with the price. Generally, rising metrics suggest that the current price trend is likely to continue.
Additionally, the long/short ratio also increased. Simply put, the market currently has more long positions than short positions, which indicates rising bullish sentiment.
Source: Coinglass
Conversely, a look at data from Hyblock Capital reveals that XRP’s cumulative liquidation level delta has increased significantly.
Such a large rally could signal that the market may have reached a new high, which could soon be followed by a price correction on the charts.
Source: Highblock Capital
Whether it’s realistic or not, XRP market capitalization converted to BTC
Finally, AMBCrypto checked the token’s liquidation heatmap to look for possible support and resistance zones for the token, and found that the token’s liquidation could rise close to $0.526.
Increased liquidations often lead to a price correction, but if the bears take control of the market, the token’s price could fall to as low as $0.42.
Source: Highblock Capital
