Fifth-largest cryptocurrency XRP might be targeting gains of 18% if a bullish continuation scenario on its daily chart holds true.
The way that the price of XRP has been consolidating lately appears to be forming a “bull flag” pattern in technical analysis, which suggests that another surge is likely.
A continuation pattern with a pole and a flag is called a bull flag. The flag denotes the consolidation that followed a lack of substantial selling pressure, while the pole illustrates the initial price increase.
The next barrier at $0.732, or an 18% gain, would come into focus if there was a possible breakthrough from the current levels. If all goes as planned, XRP may then aim for $0.75. Buyers need to break over this barrier to indicate that a new upward trend is underway.
A positive indication is that whales or major investors are matching the current XRP consolidation through their accumulation.
Crypto researcher Ali brought attention to on-chain data that shows that over the past week, whales that specialise in XRP have bought almost 11 million of the cryptocurrency, valued at roughly $6.82 million.
Ever after XRP recovered from its November 22 lows of $0.578, it has been steadily rising. If we end the day higher today, XRP may experience gains for the fourth day in a row. As of this writing, XRP has increased by 2.13% to $0.63 over the previous day.
However, if XRP drops from its present level and hits less than $0.56, it will signal the beginning of a more severe decline that will end below $0.46.
Dr. Martin Hiesboeck, head of research at Uphold, released statistics showing that XRP is the most traded asset this week on Uphold Ascent, an institutional OTC trading platform, and Uphold wallet.
