A popular cryptocurrency analyst has recently reignited interest in the native token of the XRP Ledger, XRP, with technical analysis suggesting the cryptocurrency’s price could soon explode upward on a “road to $1.88.”
According to a post by popular pseudonymous cryptocurrency analyst Dark Defender, the price of XRP reentering a symmetrical triangle it would then break out of to explode upward.
A symmetrical triangle pattern is formed by drawing trendlines, one falling and another one rising, along a converging price range. To confirm a valid break and not a false one, traders should look for a surge in volume and at least two consecutive closes beyond the trendline, according to Investopedia.
Symmetrical triangles usually indicate that the price will continue in the same direction as before the triangle formed. Therefore, traders would expect the price to break upward if a symmetrical triangle follows an uptrend.
Notably blockchain data has shown that massive XRP whales have been withdrawing funds off of the leading crypto exchange Binance amid a wider cryptocurrency market correction, suggesting growing accumulation for these tokens.
According to data shared by on-chain whale monitoring service Whale Alert, in two separate transactions whales moved a total of over $28 million worth of XRP off of the leading cryptocurrency exchange to unknown wallets on the XRP Ledger.
As reported, the recent cryptocurrency market downturn has seen the prices of major cryptocurrencies including Bitcoin, Ethereum, XRP, Dogecoin, and Cardano drop significantly. A little-known metric, however, suggests a short-term bounce is due.
That’s according to data shared by on-chain analytics firm Santiment, which notes that the lower a cryptocurrency’s 30-day Market Value to Realized Value (MVRV) ratio, a metric used to gauge market sentiment and predict future price movements, the “higher the likelihood we see a short-term bounce.”
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