Last Chance to Buy XRP Cheaply Before Predicted Bullish Breakthrough
The Essentials in Brief
The cryptocurrency market is showing its bullish side, and XRP, the cryptocurrency behind Ripple, may be on the verge of a significant breakthrough. Experts and analyses suggest that this could be the last chance to accumulate XRP at a lower price before it potentially reaches its 2021 highs.
Why Now Might Be the Right Time
A well-known crypto analyst recently pointed out an interesting development in XRP. According to this, XRP is about to break out of a bullish pattern, which could lead to a significant price increase. This analysis suggests that now might be a good time for investors to invest in XRP before the price potentially rises sharply.
Reviewing XRP’s metrics confirms this assessment. Data from Santiment shows that XRP’s MVRV ratio has risen in recent days, which can be seen as a positive sign. In addition, the funding rate fell, which is often interpreted as a bullish signal, as prices usually tend to move in the opposite direction to the funding rate.
Increasing Buying Pressure on XRP
The analysis of the data suggests that investors have begun to increase their accumulation of XRP. This is confirmed by the decrease in the supply of XRP on exchanges and an increase in the outflow of XRP from exchanges, indicating high buying pressure. The activity of large investors, so-called whales, remains high, underlining the interest in XRP.
Technical indicators provide additional bullish signals. The price of XRP has rebounded from the lower boundary of the Bollinger Bands and is moving towards the 20-day SMA. A breakout above this could mean further growth in price. The Relative Strength Index (RSI) also shows a slight increase, indicating a continuing upward price trend.
Our Assessment
The current developments and analyses strongly suggest that XRP could be at a turning point. The combination of technical indicators, market metrics, and analyst opinions suggest that this might be the last chance for investors to purchase XRP at a cheaper price before a potential bullish breakout drives the price higher. As with all investments, however, it is important to conduct your own research and make an informed decision.
Sources: Santiment, CoinMarketCap
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