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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

XRP Could Be Poised For Another Rally, Here Are Key Metrics To Watch Out

Samuel Edyme
Samuel Edyme
1 year ago
3 mins read
Ripple - XRP

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The cryptocurrency market has been experiencing a period of volatility, but XRP could be poised to break to the upside. As investors and traders gear up for the upcoming potential gains, several key metrics to watch out for could give insights into the future of XRP’s price.

XRP Could Be Poised For A Rally 

Over the past week, XRP has shown signs of bullish momentum, with the cryptocurrency price rising from $0.46 on April 21 to $0.47 at the time of writing. The surge in price could be attributed to several factors, including the ubiquitous uptrend in the market.

XRP price chart on TradingView
XRP price is moving sideways to form a W pattern on the 4-hour chart fully. Source: XRP/USDT on TradingView.com

According to the XRP price 4-hour chart, a possible uptrend could occur soon. The asset has formed a double bottom on the 1-day time frame and is now set to shape a W pattern fully.

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Crypto Analyst Explains Why XRP Will Not Fall To $0.10

1 year ago

The token has major high liquidity at $0.53, which could support an extension in the bullish trend as major players target it. Though the chart appears imprecise, should the asset continue its upward momentum and not invalidate the marked-out W pattern, it could rally and trade at the $0.5 region in the coming weeks. 

Key Metrics To Keep An Eye On

Alongside the asset validating the W pattern on the chart, XRP trading volume is one of the crucial metrics to watch out for, as it indicates the level of interest among retail traders. 

These retail investors have the potential to help solidify the current bullish price action for XRP. According to data from CoinMarketCap, the token’s daily trading volume has remained consistently high, indicating strong investor interest and potentially foreshadowing a price increase. the token’s daily trading volume has surged from $1.4 billion seen 5 days ago to $1.6 billion in the last 24 hours.

Whale action on XRP’s is another important metric to watch out for. On the XRPL network, significant whale transactions have been recorded through on-chain data, which can potentially sway the XRP coin’s price in favor of further profits.

Whale transactions refer to large cryptocurrency transactions, typically carried out by institutional investors or high-net-worth individuals. These transactions have the potential to move markets and are closely monitored by traders and investors alike.

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XRP Dominates The Market: ADV On Centralized Exchanges Surged by 46% In Q1 2023, Report

1 year ago

Factors contributing to XRP’s potential rally include the regulatory environment and its legal battle against the U.S. Securities and Exchange Commission (SEC). As the XRP case continues, any positive news regarding regulation could drive up demand for the cryptocurrency.

Featured image from iStock, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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