Flow

bullish

Drops

Gains

For over a week, the XRP price analysis showcased a sluggish trend struggling to breach $0.64 resistance. This period of consolidation may be linked to market participants holding out for the expected settlement between Ripple and the U.S. Securities and Exchange Commission. Although there are no significant developments in the legal proceedings over weekends, a notable trend in whale activity suggests a potential upcoming rally. Here’s an explanation of how the price action forms a supportive bullish pattern.
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<h2 id="span-style-font-weight-400-xrp-price-analysis-pennant-pattern-signals-impending-breakout-span">XRP Price Analysis: Pennant Pattern Signals Impending Breakout</h2>
Amid the July market recovery, XRP emerged as one of the top performers, surprising many. The daily chart captured a swift turnaround, with the price escalating from $0.38 to a peak of $0.63—a remarkable 66% increase.&nbsp;
While this rally was partly driven by the broader market’s recovery, it was also fueled by the nearing conclusion of the <a href="https://coingape.com/ripple-ceo-warns-kamala-harris-against-anti-crypto-lawmakers/" rel="noopener noreferrer nofollow">Ripple</a> vs. SEC lawsuit, marked by anticipated settlements. However, after a delay in the conclusive meeting, XRP’s price has been trading sideways since July 18th.
The short-body candles with long wicks show no initiation from buyers or sellers in the daily charts. However, a deeper analysis of the 4-hour chart showed the XRP price resonating between two trendlines to form a pennant pattern.
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/v/VCeMOI54.png" alt="BINANCE:XRPUSDT Chart " width="1814" height="691">
 <figcaption class="wp-caption-text">
 XRP Price Analysis| Tradingview
 </figcaption>
</figure>
This chart setup is commonly spotted in established uptrends allowing buyers to recuperate before the next leap. The recent jump above daily EMAs (20, 50, 100, and 200) hints at an early sign of trend reversal.
With an intraday gain loss of 0.33%, the <a href="https://coingape.com/price/xrp/" rel="noopener noreferrer nofollow">XRP price</a> currently trades at $0.6, while the market cap holds at $33.6 Billion.
<blockquote>
 A potential breakout from the overhead trendline will signal the uptrend continuation, and bolster buyers to escape the long accumulation led by a triangle pattern since September 2021.
</blockquote>
If the pattern holds true, the post-breakout rally could target $0.92, followed by $1.41.
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Additionally, data from CryptoQuant indicates a downward trend in the Whale to Exchange Flow on the <a href="https://coingape.com/markets/xrp-price-rally-stalls-as-experts-downplay-settlement-hopes-after-sec-closed-door-meeting/" rel="noopener noreferrer nofollow">XRP</a> ledger. This decrease could imply that large investors are choosing to retain their holdings, potentially in expectation of future price gains or because of unsatisfactory selling conditions.&nbsp;
<figure id="attachment_209829" aria-describedby="caption-attachment-209829" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-209829" src="https://coingape.com/wp-content/uploads/2024/07/image_2024-07-27_19-05-49.png" alt="XRP Whale to Exchange Flow" width="720" height="405" srcset="https://coingape.com/wp-content/uploads/2024/07/image_2024-07-27_19-05-49.png 720w, https://coingape.com/wp-content/uploads/2024/07/image_2024-07-27_19-05-49-300x169.png 300w, https://coingape.com/wp-content/uploads/2024/07/image_2024-07-27_19-05-49-678x381.png 678w, https://coingape.com/wp-content/uploads/2024/07/image_2024-07-27_19-05-49-150x84.png 150w" sizes="(max-width: 720px) 100vw, 720px">
 <figcaption id="caption-attachment-209829" class="wp-caption-text">
 XRP Ledger: Whale to Exchange Flow| Cryptoquant
 </figcaption>
</figure>
Such holding behavior by whales is often interpreted as a sign of their confidence in the long-term value of the asset.
On a contrary note, if the XRP price witnessed renewed supply pressure at triangle resistance at $0.64, the sellers could attempt another reversal.
The post <a href="https://coingape.com/markets/xrp-price-analysis-breakout-whale-to-exchange-metric/" rel="noopener noreferrer nofollow">XRP Price Analysis Hints Major Breakout as Whale-to-Exchange Metric Drops</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

XRP Price Analysis Hints Major Breakout as Whale-to-Exchange Metric Drops

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