Key Highlights
XRP’s value has jumped by 5%, successfully testing a positive breakout. Analysts predict a target of $3.67, fueled by promising on-chain data, encouraging technical signals, and growing engagement from investors.
Following a 5% increase in its value, Ripple’s XRP has reconfirmed a positive upward trend.
This retest signifies not only positive sentiment among XRP holders but also hints at a possible sustained period of growth.
Expert Forecast and Current Market Movement
Reflecting the prevailing market optimism, a respected cryptocurrency analyst recently shared a bullish prediction on social media platform X (previously Twitter), suggesting that “XRP is aiming for $3.60 next.”
This prediction, which gained significant traction with over 63,000 views, was based on the observation of a flag-and-pole pattern breakout.
Currently, XRP is being traded at $3.28, which represents a 5% gain over the last 24 hours. This surge follows a successful breakout validation, generating strong activity among investors and traders.
According to data from CoinMarketCap, the trading volume for XRP has increased by 15% compared to the previous day.
Positive On-Chain Indicators for XRP
The upswing in price and trading activity is being attributed to the growing involvement of both short and long-term investors who have started accumulating the token.
Data from the on-chain analytics platform Coinglass reveals that approximately $32.68 million worth of XRP has been withdrawn from exchanges, which implies potential accumulation.
Furthermore, this outflow from exchanges suggests a robust buying interest, which could trigger substantial growth.
Source: CoinGlass
Traders appear to be mirroring this trend. Current data suggests significant liquidation thresholds for XRP are situated at $3.16 and $3.31, where many traders are using high leverage.
Specifically, at these levels, there are long positions totaling $122.14 million and short positions of $54.40 million, which are likely to be liquidated as the price continues to climb.
Source: CoinGlass
Combining this on-chain data with the expert analyst’s prediction suggests that buyers are dominating the market and driving the asset towards maintaining its positive trajectory.
Furthermore, the $3.31 level appears to be the primary obstacle for XRP; clearing this could lead to a significant price increase.
XRP Market Behavior and Technical Evaluation
Technical analysis conducted by AMBCrypto indicates that XRP has entered a bullish phase following the breakout and confirmation of a flag-and-pole setup on its four-hour chart.
Currently, the asset seems to be encountering resistance near the $3.29 mark.
This level also corresponds to the neckline of an inverse head-and-shoulders pattern observed on the same chart.
Source: TradingView
The emergence of several bullish patterns indicates a favorable outlook for XRP.
Should XRP successfully close a four-hour trading period above $3.30, a further rally of approximately 12% could occur, potentially reaching $3.67. Reinforcing this positive outlook is the Supertrend indicator, which is currently showing a green signal positioned below the price.
This confirms a strong uptrend, marked by substantial buying interest and bullish influence.