Can a 1,000% Surge in Buying Pressure Spark the XRP Price Breakout Traders Want?
XRP's price is consolidating within a falling wedge, supported by a massive 1,000% surge in exchange outflows signaling accumulation.Summary
XRP has recently jumped nearly 26% but remains constrained below the $2.28 resistance level, trading within a bullish falling wedge pattern. Crucially, buying pressure, evidenced by exchange outflows, has surged nearly 1,000% over the past eight days, suggesting heavy accumulation despite a recent bearish EMA crossover failing to break the $2.14 support.
On-Balance Volume (OBV) has also broken above its descending trendline, indicating volume is entering the market, though it needs to cross 6.64 billion for confirmation. The key to unlocking a bullish breakout is a clean close above the $2.28 resistance level, which has capped upside attempts since mid-November. A successful break above $2.28 targets $2.55, potentially confirming a broader trend reversal.
If XRP fails to hold, the next support lies near $2.02. However, the confluence of strong accumulation signals and technical defense of support suggests the setup leans bullish, potentially leading to a new upward leg if the $2.28 ceiling is cleared.
(Source：BeInCrypto)