2023-11-27 14:30:52
The fifth-largest cryptocurrency by capitalization, XRP, could see an 18% rise if the current bullish setup on its daily chart is confirmed. The recent consolidation in XRP prices is forming a technical analysis pattern known as a “bull flag”, which could foreshadow an upcoming rally. A bull flag pattern consists of a pole indicating an initial rise in price and a flag representing subsequent consolidation.
A potential breakout of current levels would bring attention to next resistance at $0.732, foreshadowing a possible 18% upside. If things go well, XRP could reach the next level of $0.75, but buyers must overcome this barrier to signal the start of a new uptrend.
One positive sign is that the current XRP consolidation is accompanied by an accumulation of large holders. Large players, known as “whales,” purchased about 11 million XRP over the past week, worth approximately $6.82 million.
Author: www.freepik.com.
Despite a price drop of 18%, interest in XRP from major players remains. Steady gains since the November 22 low of $0.578 indicate long-term growth is possible. Today’s price increase of 2.13%, reaching $0.63, may continue if the day closes in positive territory.
On the other hand, a deviation of the XRP price from the current level and its decline below $0.56 could signal the start of a sharper decline to $0.46. It is interesting to note that despite the price drop, XRP remains the most traded asset for the week on the Uphold Ascent institutional trading platform and Uphold wallet, according to Uphold’s head of research, Dr. Martin Hisbock.
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