XRP bulls were dominant last week as the token’s price surged double digits. However, the bears took control of the market in the past 24 hours and pushed XRP down by 3%. But investors shouldn’t lose hope, as the XRP price might soon gain upward momentum.
XRP’s Recent Breakout
Thanks to the 22% weekly surge, the XRP price at press time was $3.14. This allowed the token to break above a bullish pattern. Ali Martinez, a popular crypto analyst, posted a tweet pointing out this development. Martinez mentioned that Ripple’s value has jumped above a bull flag pattern. Such breakouts often results in price hike, which on this occasion could push XRP above $4.4.
In fact, investors are showing confidence in the token. XRP’s exchange outflow increased over the last seven days—a sign of raising buying pressure. The big-pocketed players in the market are also actively trading the token, which was evident from its high whale transaction count.
Source: Santiment
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