Is XRP’s rare MVRV signal hinting at a breakout above $4?
Main Idea
XRP's technical indicators, including MVRV golden cross, improved NVT Ratio, and short squeeze data, suggest potential for a bullish breakout above $4, but sustained buying pressure is needed to overcome key resistance levels.
Key Points
1. XRP's MVRV historically preceded rallies of 630% and 54%, indicating potential undervaluation or overvaluation.
2. A breakout above $3.46 could pave the way toward $4.23, but recent rejections near this level suggest supply pressure remains.
3. XRP’s NVT Ratio has plunged by 46.1% in the past 24 hours, which historically precedes bullish price action.
4. Liquidation data shows shorts faced $3.03 million in losses against $290K for longs, indicating a potential short squeeze.
5. Dense liquidity clusters between $3.40 and $3.48 suggest a breakout above this range could trigger further upward movement.
Description
XRP’s chart just lit up with signals traders haven’t seen in years. Could history be repeating?
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