The price of XRP shows a bullish look from a technical point of view, which suggests revisit the $ 1 level. The price of XRP has been on a declining trend since March 28, and this movement has exacerbated the fall in the price of BTC. However, the token restarted its upward trend.
On the daily chart, we see that the price continues in a long-term descending triangle. Level resistance a support however, it is slowly but surely approaching each other, so we can expect this structure to end in the near future. The closure is likely to take place within two months. At the end of this structure, Price formed a potential 123 bottom formation reverse pattern.
As we see, on the other hand, the price has already failed once in an attempt to overcome point 2, resulting in a double peak at resistance $ 0.91. It is this horizontal level that is key if we want to confirm the growing trend. So far, we are tracking a long-term target at the level of $ 1.10. On the contrary, it is necessary to monitor the support. The first is at $ 0.70 and the key at about $ 0.55.
On-chain XRP metrics
The only metric in the string that reports clear upward features of the XRP priceis an 365-day market value to realized value (Market Value to Realized Value – MVRV). This on-chain metric is used to determine average profit / loss of investorswho bought XRP in the last year.
Currently, this index is moving around -22%. It is at the same level where the price of XRP formed the local bottom at the end of January. The resulting upward trend then caused the token to grow by almost 53% in just about two weeks. If history repeats itself, there is a good chance that the price of XRP starts a similar rise.
Offer distribution shows a negative correlation between wallets holding 100,000 to 1 million and 10 million or more XRP tokens. The first category peaked at 9.9% on 24 December, while the second category was at 72%.
Since then, the group of wallets holding a relatively smaller number of tokens has been declining and is currently around 9.5%. The second group of holders increased their holdings to 73.1%.
Whales holding 10 million or more XRP tokens have increased their market share indicating that they are bullish. The second group reduced its share, indicating that this group of holders is not as bullish as the second.
Finally we have it daily active addresses and volume on the chain, which have been falling since 8 February, indicating that there has been capital outflows and investors interacting with Ripple blockchain.