- XRP’s price moved up by over 12% in the last 24 hours
- Buying pressure was high, and indicators looked bullish.
Like most cryptos, Ripple’s [XRP] price action turned bullish in recent days, thanks to the change in the market condition.
While XRP was preparing to push its price further up, this might actually be the last opportunity for investors to buy the token at a lower price.
This is the right time to buy XRP
Capital Faibik, a popular crypto analyst, recently posted a tweet highlighting an interesting development regarding XRP.
As per the tweet, the token’s price was about to breakout from a bullish pattern, which could result in a bull rally. If the analysis is to be believed, the breakout could also allow XRP to reach its 2021 highs.
Therefore, this might be the right time for investors to consider accumulating the token before its price skyrockets.
Since the chances of a bull rally seemed likely, AMBCrypto then checked the token’s metrics to better understand what to expect.
Our analysis of Santiment’s data revealed that the token’s MVRV ratio improved over the last few days.
Source: Santiment
Its Funding Rate also dropped, which can be interpreted as a bull signal, as prices often move the other way to the Funding Rate. In fact, the bull rally might have already begun.
According to CoinMarketCap, XRP was up by more than 15% in the last 24 hours. At the time of writing, XRP was trading at $0.5962 with a market capitalization of over $32.8 billion.
Buying pressure on XRP is rising
Santiment’s data also revealed that investors have actually started to increase accumulation. This was evident from the fact that XRP’s Supply on Exchanges dropped during the last few days.
Additionally, its Exchange Eutflow spiked, further suggesting that buying pressure on the token was high.
The big players in the crypto space were also actively trading XRP, as its Whale Transaction Count remained high in the last week.
Source: Santiment
AMBCrypto’s analysis of XRP’s technical indicators also flagged a few bull signals. For instance, its price rebounded from the lower limit of the Bollinger Bands and headed towards the 20-day SMA at press time.
Read Ripple’s [XRP] Price Prediction 2024-25
A breakout above it could propel further growth in terms of price. Its Relative Strength Index (RSI) also registered a slight uptick, hinting at a continued price uptrend.
Nonetheless, the Money Flow Index (MFI) looked unstable, as it went southwards.
Source: TradingView
