Like most cryptos, XRP bears remained dominant in the market last week. However, the token did show signs of a slight recovery.
bears remained dominant in the market last week. However, the token did show signs of a slight recovery in the past 24 hours. TWhile last week was somewhat of a setback for XRP investors as the token’s price plummeted by 5%, the coming days might be different. This was the case as a long-term bullish symmetrical triangle appeared on the token’s chart.revealing this pattern. To be precise, the pattern emerged in 2018, and since then, the token’s price has been consolidating inside it.
The token at press time was testing the support of the bull pattern, and a successful test could allow the token to begin its journey towards the resistance.Since the chances of a bullish breakout were high, as suggested by the history, AMBCrypto checked the token’s on-chain data. As per our analysis of Santiment’s data, XRP’s trading volume fell along with its price during the last few days.
Additionally, its open interest followed a similar declining trend. Generally, a drop in open interest indicates a trend reversal, which in this case was a bullish signal. In fact, investors’ confidence in XRP also seemed to have risen slightly over the last week as the total amount of holders increased and reached 5.3 million.However, an analysis of Hyblock Capital’s data revealed that XRP must first cross $0.58 in order to manage a bullish breakout.Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry.
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