Ripple edges closer to a 20% breakout

• XRP prices are above the demand zone of $ 0.687 to $ 0.705, suggesting a possible breakout.
• Investors can expect Ripple to rise 20% and retest the $ 0.917 resistance barrier.
• A 6-hour candlestick below the $ 0.687 support level will invalidate a bullish dissertation.

XRP’s pricing action underscores the protracted integration and subsequent breakouts and continuations, demonstrating fractal nature. The latest coil-up and breakout structures will be seen in early February, and remittance tokens may repeat a similar outlook.

XRP price soars

XRP prices began to integrate after rising 26% between February 24th and 26th. Since then, Ripple has stopped trading to a certain extent, indicating a lack of volatility and potential accumulation.

The 6-hour demand zone, which ranges from $ 0.687 to $ 0.705, is the basis for this integration and also serves as a starting point for breakouts and expansions.

On the upside, it is very likely that we will collect buy-stop liquidity where the XRP price is above the $ 0.856 level and above the comparable highs formed here. However, this barrier is not the last resort for XRP prices.

The resurgence of buying pressure will expand to $ 0.917, where Ripple set the same highs on February 8th and 9th. This rise constitutes a rise of about 20% from its current position of $ 0.754.

XRP / USDT 6-hour chart

Supporting this integration outlook for XRP pricing is the market value to realized value (MVRV) model. This on-chain metric is used to determine the average profit / loss of investors who bought XRP in a month.

This index has recently turned positive and is currently around 0.905%. This value indicates that the holders are not imbalanced and the potential sale is unlikely. Interestingly, a similar move was seen in the 30-day MVRV in early February, with a 50% increase due to the integration. Due to the fractal nature of this outlook, such a setting adds credibility to the breakout paper.

XRP 30 days MVRV

The Whale Transaction Count-on-Chain Index tracks the number of transfers worth more than $ 100,000 and can be used as a surrogate for return on investment. This metric is currently hovering at 452 after generating multiple low highs since the integration began on February 26th.

Although the value of large transfers is declining, the pattern is very similar to what was seen during the integration in early February, leading to a 50% breakout move. Therefore, investors can expect XRP prices to follow a similar path.

XRP whale trading

On the other hand, if the XRP price produces a 6-hour candlestick below the support level of $ 0.687, the bullish paper will be invalid. In this case, the remittance token will revisit the 12-hour demand zone and expand from $ 0.561 to $ 0.633. Here, the buyer can try the uptrend again.