Because of the bullish market condition, most cryptos’ weekly charts were green, including that of XRP as its value surged by 15%
Market indicators remained bearish on the token.. However, the token’s daily chart turned red. But things might again turn in the token’s favor, as it was on the verge of breaking above a key resistance zone., XRP’s value surged by 15% during the last seven days. However, the token’s daily chart turned red as its value dropped by 0.5%. At the time of writing, XRP was trading at $0.644 with a market capitalization of over $35.2 billion.
Separately, World of Charts, a popular X handle that posts updates related to the crypto space, recentlyIn fact, the tweet mentioned that the breakout could result in a 2-3x price increase for the token.Since there was a chance of XRP reaching new highs, AMBCrypto checked other metrics. We found that despite the rise in price last week, its social dominance sank last week.
However, its weighted sentiment went up, reflecting that bullish sentiment around the token was dominant in the market.A few of the other metrics also supported the possibility of a bull rally. For instance, the token’s MVRV ratio increased last week, hinting at a price uptick. The token’s network growth also went up, suggesting that more new addresses were created to transfer the token. Another bullish metric of the token’s funding rate, which remained green, suggests buying sentiment was dominant in the derivatives market.Next, we checked the token’s daily chart to see what indicators suggested regarding XRP’s possible price action. The indicators looked bearish and hinted that the chances of a bull rally were lower.
For example, the token’s price touched the upper limit of the Bollinger bands. Its Chaikin Money Flow also registered a slight downtick, further increasing the chances of a price correction.
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