🚀In a scenario of such significant highs🚀, the technical analysis of XRP displays the following points:
1. Break of Key Resistances: The rise from $0.40 to $3.09 would imply overcoming several important historical resistances. Each level broken with increasing volume would reinforce the strength of the upward trend.
2. Formation of Bullish Patterns: Charts of different periods (daily, weekly, monthly) would likely show established bullish patterns, such as ascending Elliott waves, well-defined upward channels, or continuation formations like flags and pennants.
3. Overbought Technical Indicators: Momentum indicators such as the RSI (Relative Strength Index) and Stochastic would be consistently at overbought levels, signaling strong buying momentum but also warning of a potential pullback or correction.
4. Significant Increase in Volume: A sustainable rise is generally accompanied by increasing trading volume. The 500% increase in price would suggest strong buying interest and liquidity in the market.
5. Support at Previous Resistance Levels: After breaking important resistances, these levels would tend to become supports. The price's ability to hold above these levels during potential corrections would reinforce the bullish outlook.
6. Confluence with On-Chain Data: The information that 93.92% of the circulating supply is profitable, according to Glassnode data, would act as an on-chain indicator of euphoria in the market. Historically, this high metric can precede corrections, as a large number of holders may choose to take profits.
It is crucial to emphasize that this scenario is an accurate and updated technical analysis of XRP; it is necessary to consult real-time price charts and current on-chain data from reliable sources.
