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XRP Metrics Still Support Rally Towards $2.80

By | Edited By Ammar Raza,,

xrp
  • XRP is gaining momentum as all indicators (technical, on-chain, and ETF) are predicting a push towards the $2.80 level. 
  • A bull pennant breakout, increased RSI, and a bullish MACD give a new positive hope for the rise of XRP. 
  • CVD, declining exchange supply, and continued ETF inflows support XRP’s bullish path.

XRP has a new wave of bullish momentum. New technicals, on-chain, and ETF indicators all favor a possible surge to $2.80. The asset has recovered its loss in November and currently has a better sentiment following increased buyer activity.

XRP Indicators Suggest an Upside is Possible 

XRP has just recovered by almost 21% since reaching an intra-month low on November 21. Market analyst BATMAN now notes the formation of a bull pennant on the 4-hour chart. Any breakout above $2.22 would justify the trend and create the pathway towards $2.80, which will be approximately a 25% increase from current levels. 

XRP

Source: X

The momentum indicators also display new strength. The RSI has rebounded from oversold conditions. Currently, it is above 50 and indicates strong buying interest. The daily chart of the MACD has also become bullish, which indicates an increase in upward pressure. 

XRP

Source: TradingView

Also Read | XRP Consolidation Mirrors 2017 Bull Run, Potential 263% Gain

Exchange Flows Strengthen Bullish Outlook

On-chain data also helps in reinforcing the bullish case. Glassnode shows a marked decrease in the amount of the token’s reserves on the Binance exchange. The balances have decreased by over 45% in two months.

This is an indication that buyers are holding onto their tokens and are not prepared to sell. This has lessened the sell pressure and could contribute to the rally in case of increased demand.

XRP

Source: Glassnode

Spot taker CVD readings confirm the bullish continuation as well. Since the end of October, the buyer volume has prevailed compared to the previous phase of strong selling. The continued extension of the green CVD bars is usually followed by prolonged upward movements, especially during periods of recovery.  

XRP

Source: CryptoQuant

Rising Demand Supports Bullish Outlook

Institutional demand remains another catalyst. SoSoValue data shows that there have been nine straight days of inflows into U.S. spot XRP ETFs. These inflows now total more than $643 million, with total net assets above $676 million. Another major ETF, the 21Shares product, is set to go live soon, adding more institutional support for XRP.

The participation from the retail market is also improving. Trust Wallet has included support for Apple Pay to make XRP and other crypto purchases available in over 45 countries.

The company emphasized that users could now add money to their wallets in a matter of seconds. The move highlights a rising trend where major payment platforms are getting increasingly integrated with crypto platforms.

As the technical patterns, flow of exchange, and ETF demand point in the same direction, XRP has a feasible prospect of reaching $2.80.

Also Read | XRP Supply Crashes 2.7 Billion on Binance: Could $3 Surge Be Imminent?