XRP Price Prediction: Will the Token Reach New Highs in 2023?

Like most cryptos, XRP bears remained dominant in the market last week. However, the token did show signs of a slight recovery in the past 24 hours.

While most cryptos, including XRP, had a rough time last week, the token did show signs of a slight recovery in the past 24 hours. The token’s price was on the verge of breaking above a bull pattern, which could lead to a significant increase in the coming months.

XRP is consolidating

Even though last week was somewhat of a setback for XRP investors as the token’s price dropped by 5%, the coming days might be different. This is because a long-term bullish symmetrical triangle appeared on the token’s chart.

Amonyx, a well-known crypto analyst, posted a tweet revealing this pattern. To be precise, the pattern emerged in 2018, and since then, the token’s price has been consolidating inside it.

It is interesting to note that a similar pattern appeared on the token’s chart back in 2015.

During that time, XRP managed a bullish breakout in 2017, which allowed the token to reach an ATH in the coming months. So, if history repeats itself, then investors might once again witness a similar episode of XRP reaching new highs over the coming months.

The token at press time was testing the support of the bull pattern, and a successful test could allow the token to begin its journey towards the resistance.

At the time of writing, the token was trading at $0.5304 with a market capitalization of over $29.8 billion, making it the 7th largest crypto.

Assessing the likelihood of XRP breaking out soon

Since the chances of a bullish breakout were high, as suggested by the history, AMBCrypto checked the token’s on-chain data. As per our analysis of Santiment’s data, XRP’s trading volume fell along with its price during the last few days.

Moreover, its open interest followed a similar declining trend. Usually, a drop in open interest indicates a trend reversal, which in this case was a bullish signal.

Investors’ confidence in XRP also seemed to have risen slightly over the last week as the total number of holders increased and reached 5.3 million.

Another bullish metric was the long/short ratio, which increased. This meant that there were more long positions in the market than short positions.

However, an analysis of Hyblock Capital’s data showed that XRP must first cross $0.58 in order to manage a bullish breakout.

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