XRP Price despite being in a huge descending trend for a pretty long time is flashing strong bullish signals in recent times. While most of the tokens dropped significantly as Bitcoin price slumped below $20,000, traders jumped in to accumulate more XRP. The platform witnessed a huge spike in the unique addresses that exceeded more than 200K for the first time since February 2020.
With the drop in the prices, the unique addresses had also tanked down significantly. However, a huge spike was witnessed during the last trading day, while the XRP price still trades within the descending trend. Therefore, it is a little early to say whether the whales have entered the market or the bulls have changed into active mode.
Mainly due to the reason that XRP price is barely impacted with the rise in unique addresses, fewer chances of bulls or whales are anticipated. Currently, the markets appear to be still within a state of hopium and hence any drastic variation may be disastrous for the ecosystem and for Ripple.
Is this the Better time to Buy XRP?
Considering the technicals, the XRP price despite hovering within a bearish trend flashes strong bullish signals in the longer term. The asset in the monthly time frame is hovering within a bullish pattern and hence the possibilities of the price surge by 1x or 2x in the next 6 to 8 months emerge.
The main points that indicate that XRP price is due for a massive breakout are:
The RSI is at an all-time low, moreover, it is at the most oversold level in the history due to the falling wedge pattern
The Stochastic RSI has also approached Zero.
When both RSI & StochRSI have tanked down to the same levels, it usually represents the bottoms of the cycle
Previously when both the indicators tested the bottoms at the same time, the XRP price smashed the highs in the next couple of years.
Considering the above facts, Ripple’s (XRP) price is currently primed to hit new ATH somewhere in mid-2023 or in early 2024.