After a significant decline, Ripple’s XRP token has surged 11%, potentially signaling the end of a recent bearish trend. Technical analysis shows a breakout attempt from a downward pattern, while derivative and on-chain data indicate strong buying pressure from both traders and long-term investors.
Ripple’s cryptocurrency, XRP, posted an 11% gain after falling more than 50% over the past month. Data from CoinGlass indicates this move has triggered a major liquidity event for leveraged positions.
Technical analysis points to a critical test at the $1.65 price level. Based on past performance and price action, XRP’s upside could continue if it closes above the trendline and $1.65.
The Average Directional Index (ADX) value of 33.85 shows a strong directional momentum. Derivative traders have built $124.02 million in long positions compared to $46.57 million in short positions.
CryptoQuant data reveals a sharp drop in XRP held on exchanges. This decline of 152 million tokens suggests significant accumulation by holders.
Institutional data shows spot XRP ETFs have recorded notable inflows. According to SoSoValue, this points to fresh capital entering the asset.
Analysts note a primary resistance level near $1.683 based on liquidity maps. The combination of signals presents a data-rich picture for market observers.
