Crypto analyst STEPH IS CRYPTO recently shared a bullish outlook on XRP, indicating an upcoming potential price breakout.
Technical Breakout on the Horizon
STEPH IS CRYPTO noted that XRP is approaching its highest monthly close in recent years. A close above the critical $2 level represents an important psychological and technical barrier. This level, according to the analyst, is saturated with liquidity from long positions, making it a 'hot zone' for both institutional and retail interest. If XRP can hold and advance beyond this range, the technical analysis indicates the possibility of a breakout to the $20-$25 range in the coming months.
Fear and Greed Index: XRP Flashes Greed
Supporting this bullish scenario, the Fear and Greed Index shows that XRP currently has a greed reading of 70. This suggests that despite recent volatility, the broader sentiment among investors is becoming increasingly risk-on. Historically, elevated greed levels can precede short-term corrections or act as a launchpad for sustained rallies, depending on the context.
On-Chain Activity and Exchange Inflows
The recent market dynamics of XRP have also been influenced by notable on-chain activity. In the last 24 hours, approximately $178.6 million in XRP was transferred to Crypto.com, while Bitstamp received an additional 20 million tokens valued at $47.2 million. These substantial inflows generated temporary selling pressure, contributing to some short-term volatility. However, such movements are not necessarily bearish in a broader context, as high exchange inflows can indicate profit-taking as well as increased token circulation.
Despite a decrease in user interest based on Google Trends data, the fundamental factors for XRP are aligning, creating opportunities for significant breakout. With strong technical signals and increasing institutional flows, XRP may continue to gain momentum.
