U.Today - , the fifth largest cryptocurrency, might be eying 18% gains if a bullish continuation setup on its daily chart is validated.
XRP's recent price consolidation seems to be taking the form of a technical analysis pattern called a "bull flag," which implies that another rally is probable.
A bull flag is a continuation pattern consisting of a pole and a flag. The pole indicates the initial price gain, while the flag represents the subsequent consolidation caused by a lack of strong selling pressure.
A potential breakout from would shift focus to the next resistance at $0.732, representing an 18% increase. XRP could then aim for $0.75 next if this scenario plays out. Buyers must clear this barrier to signal the start of a fresh upward trend.
One encouraging sign is that the current consolidation of XRP is being matched by accumulation by whales or large holders.
According to on-chain data highlighted by Ali, a crypto analyst, XRP whales purchased around 11 million XRP during the last week, valued at approximately $6.82 million.
XRP has been on a steady rise since rebounding from lows of $0.578 on Nov. 22. If today closes in the green, XRP may see its fourth consecutive day of gains. At the time of writing, in the last 24 hours to $0.63.
On the other hand, if the XRP price turns down from the current level and falls below $0.56, it will herald the start of a harsher downturn to $0.46.
According to data shared by , Uphold's head of research, XRP ranks as the most traded asset for the week on Uphold Ascent, an institutional OTC trading platform, and Uphold wallet.