- XRP traded and closed above the inverse head and shoulders triangle’s neckline.
- Growing active addresses and declining prices formed a positive divergence.
The crypto market is now in an odd situation. Bitcoin has a strong de-correlation with Ethereum and Cardano. While most people’s long-term bullish structures remain intact, the latest plunge below $60,380 looks to have triggered fear.
But the XRP trend tends to portend to an interesting few weeks ahead. Especially if a new high is possible. XRP traded and closed above the inverse head and shoulders triangle’s neckline. Second, a bullish catapult pattern has developed, pointing to a profit target of $1.50. XRP surpassed $1.10 within a week. The daily candle finished three days later above the EMA-20, signalling strong bullish momentum.
XRP’s recent trends have been tempting. A bullish symmetrical triangle breakout was seen in Q1 2021 and Q4 2021 on the weekly chart of XRP. Only the explosive returns were absent from the continuation chart. In April 2021, XRP hit $2. Assuming the same situation, XRP may easily surpass $3 and reach $4 in the following weeks.
However, there has been a shortage of social volumes. XRP drew a lot of attention in Q1 2021. But that isn’t the case right now. On-chain action, however, is unwarranted. A week ago, growing active addresses and declining prices formed a positive divergence. The recent price rise is now considered as a key reason.
Daily active addresses have increased, which means XRP is gaining consumers’ attention. According to CoinMarketCap, the XRP price today is $1.16 USD with a 24-hour trading volume of $3,702,048,392 USD.
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