- XRP could soar by 17% to reach the $0.65 level if it closes a daily candle above the $0.558 level.
- Combining these on-chain metrics with the technical analysis, it appears that bulls are dominating the asset.
Amid ongoing bullish market sentiment across the cryptocurrency landscape, XRP has finally broken out of a prolonged consolidation phase and is signaling a potential upside.
Whale adds 52 million XRP tokens
Blockchain-based transactions tracker Whale Alert made a post on X (Previously Twitter) that a crypto whale withdrew a significant 52 million XRP tokens worth $28.67 million from a South Korean cryptocurrency exchange Bybit.
Despite the market rallying, XRP has lagged in gains until now, but on-chain metrics are indicating a shift.
Source: X
XRP technical analysis and key levels
According to AMBCrypto’s technical analysis, XRP appears bullish as it has broken out from a three-week-long consolidation zone and the 200-day Exponential Moving Average (EMA).
Despite this bullish outlook, it remains uncertain whether the asset will rally or continue to consolidate until XRP closes its daily candle.
