Ripple price overcame an enormous pattern in the bulls’ favor, but the alt exhibits sideways action. This volatility absence has the cross-border transaction crypto mute. Nevertheless, investor interest resurgence and capital inflow might trigger an exponential surge for XRP.
XRP Awaits Volatility
XRP price formed two higher and three lower lows with its actions since December 21, 2021. Meanwhile, connecting the distinctive swing levels using a trend line reveals a symmetrical triangle pattern.
Nevertheless, the technical setup does not exhibit direction bias until XRP breaks out. Such a case might see the remittance token surging 46% towards the $1.25 value area, determined by adding the first swing high to swing low distance to the token’s breakout level at $0.84.
The altcoin breached the topside trend line on March 23, suggesting an optimistic breakout. XRP has moved sideways without volatility hints since then. The theoretical prediction method indicates a potential move to revisit the barrier at $1.20.
Nevertheless, bulls should hold beyond the topside trend-line of the mentioned setup and overcome the psychological level at $1. Flipping this critical obstacle into a support floor will open the gates for more uptrends.
Some scenarios will see the crypto’s upsurge stretching towards $1.61 amid increased buying pressure. However, such a move will mean a 95% surge from the $0.82 current position.
Though the bullish narrative evaluated from a technical view is plausible, the supply distribution metric adds more credence. This on-chain index tracks segregated XRP wallets according to the coins it holds.
Meanwhile, the index indicates that whales with over 10,000,000 Ripple coins have accumulated since December 25. Wallets under this category surged to 341 from 311 within the past three months.
Ripple network has attracted new 30 whales holding over 10 million tokens. The metric reveals investors’ bullish expectations and intentions for XRP. Therefore, market players can expect explosive upsurges from Ripple within the upcoming weeks.
While the on-chain metrics and technical standpoint paint a bullish picture for Ripple, the high correlation with Bitcoin might shift the narrative in the coming sessions.
A sudden crash in BTC will see XRP suffering declines despite its bullish breakout. A decisive candle close beneath $0.69 will form a lower low, annulling the bullish pennant setup.