XRP: Here is what these bullish indications mean for your investments

XRP: Here is what these bullish indications mean for your investments

January 4, 2023

By Abiodun Oladokun

Read Ripple’s [XRP] Price Prediction 2023-2024

XRP long-term holders remained convinced of an imminent rally in price.
Despite the negative sentiment in the market, XRP’s price refused to plummet.

Data from on-chain analytics platform Santiment revealed that, at press time, Ripple [XRP] exhibited a few bullish signs. This could lead the altcoin holders towards some gains in the new trading year.

Per data from CoinMarketCap, XRP exchanged hands at $0.3511 as of this writing. XRP experienced mostly range-bound trading within the $0.28 – $0.54 range over the past six months. Furthermore, the altcoin has been in a downward trend since 2021.

This, however, remained a part of a larger upward trend that could complete a triangle pattern formation, Santiment opined. With its price at the bottom of this triangle, some investors might view it as a low-risk, high-reward opportunity.

What do XRP metrics suggest?

An assessment of the supply distribution on the XRP network revealed that investors who held between one million – 10 million XRP increased their holdings by 25% over the past six months. This brought the total XRP holdings by this cohort of XRP holders to 4.09 billion XRP.