XRP Could Be Poised For Another Rally, Here Are Key Metrics To Watch Out
April 28 2023 - 2:00PM
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The cryptocurrency market has been experiencing a period of
volatility, but XRP could be poised to break to the upside. As
investors and traders gear up for the upcoming potential gains,
several key metrics to watch out for could give insights into the
future of XRP’s price. XRP Could Be Poised For A Rally Over
the past week, XRP has shown signs of bullish momentum, with the
cryptocurrency price rising from $0.46 on April 21 to $0.47 at the
time of writing. The surge in price could be attributed to several
factors, including the ubiquitous uptrend in the market. According
to the XRP price 4-hour chart, a possible uptrend could occur soon.
The asset has formed a double bottom on the 1-day time frame and is
now set to shape a W pattern fully. Related Reading: Crypto Analyst
Explains Why XRP Will Not Fall To $0.10 The token has major high
liquidity at $0.53, which could support an extension in the bullish
trend as major players target it. Though the chart appears
imprecise, should the asset continue its upward momentum and not
invalidate the marked-out W pattern, it could rally and trade at
the $0.5 region in the coming weeks. Key Metrics To Keep An
Eye On Alongside the asset validating the W pattern on the chart,
XRP trading volume is one of the crucial metrics to watch out for,
as it indicates the level of interest among retail traders.
These retail investors have the potential to help solidify the
current bullish price action for XRP. According to data from
CoinMarketCap, the token’s daily trading volume has remained
consistently high, indicating strong investor interest and
potentially foreshadowing a price increase. the token’s daily
trading volume has surged from $1.4 billion seen 5 days ago to $1.6
billion in the last 24 hours. Whale action on XRP’s is another
important metric to watch out for. On the XRPL network, significant
whale transactions have been recorded through on-chain data, which
can potentially sway the XRP coin’s price in favor of further
profits. Whale transactions refer to large cryptocurrency
transactions, typically carried out by institutional investors or
high-net-worth individuals. These transactions have the potential
to move markets and are closely monitored by traders and investors
alike. Related Reading: XRP Dominates The Market: ADV On
Centralized Exchanges Surged by 46% In Q1 2023, Report Factors
contributing to XRP’s potential rally include the regulatory
environment and its legal battle against the U.S. Securities and
Exchange Commission (SEC). As the XRP case continues, any positive
news regarding regulation could drive up demand for the
cryptocurrency. Featured image from iStock, Chart from TradingView
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