XRP shows signs of a rebound, backed by on-chain metrics and analyst optimism.
XRP’s ‘W’ bitcoin pattern suggests potential upward movement, reminiscent of the 2017 rally.
Gemini’s XRP perpetual contracts signify renewed confidence in XRP’s market potential.
In a challenging month for XRP that saw it dropping to around the $0.5 mark, the cryptocurrency now shows signs of a potential rebound. Ali Martinez, a crypto analyst, has highlighted factors suggesting a short-term recovery for XRP.
Analyst Insights Offer Hope
Drawing on the TD Sequential indicator, Martinez’s analysis points towards a positive shift in XRP’s trajectory. This optimism is further bolstered by on-chain metrics that reveal positive trends. Large wallet addresses holding between 10 million and 100 million XRP are buying the altcoin, indicating growing confidence among investors.
XRP/USD 3-day price chart (source: Ali-charts)
XRP’s development activity and whale transaction patterns, in addition, are an essential aspect of the potential rebound. A decrease in profit-taking by whales and a resurgence in development activity suggest a building momentum for recovery. This shift in on-chain dyna…
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