XRP‘s Strong Bullish Outlook on Higher Timeframe Charts
Ripple‘s XRP cryptocurrency has gained momentum recently, positioning itself as the fifth largest cryptocurrency with a market capitalization of $32.8 billion. The market has witnessed whale accumulation and the creation of new wallet addresses, indicating a positive sentiment toward XRP.
XRP‘s Potential Near-Term Pullback
Despite the bullish outlook, XRP could experience a short-term pullback towards the $0.55 level. This level has been a significant resistance level since August, and a breakout above it was recently observed. However, further analysis suggests a potential retracement is on the horizon.
Fibonacci Levels Point to a Possible Retracement
On October 24th, XRP broke above the $0.55 level, shifting the market structure bullishly. Over the past week, XRP has rallied from $0.5325 to $0.6262, but recent hours have seen a temporary halt in the bullish momentum. If this signals the start of a pullback, XRP could retest the $0.567 and $0.552 levels, presenting a potential buying opportunity as the daily market structure remains bullish.
On-Chain Metrics Provide Mixed Signals for XRP Bulls
Development activity for XRP has remained consistent, indicating that the team is actively working on maintenance and upgrades. However, the weighted sentiment has dropped into negative territory again. Additionally, social media engagement leans towards bearish sentiment, and a spike in the age-consumed metric suggests a possible large wave of selling.
Combined with the recent drop in mean coin age, there is a likelihood of XRP falling towards the $0.55 level.
Is your portfolio green? Check the XRP Profit Calculator
### News source: ambcrypto.com