XRP price continued its bull run, with ETF inflows and futures open interest surging. Ripple token rose for five consecutive days, reaching its highest level since November 14. It has jumped by 32% from its lowest level in December.
XRP Price Surges After Forming Bullish Patterns
The daily timeframe chart shows that the Ripple price rebounded after forming a triple-bottom pattern at $1.8177, its lowest level in October, November, and December last year. A triple bottom is one of the most common bullish reversal patterns in technical analysis.
XRP token has formed an inverse head-and-shoulders pattern. It also formed a large falling wedge pattern, which is made up of two descending and converging trendlines.
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The token has jumped above the 50-day and 100-day moving averages. It has also moved above the Supertrend indicator for the first time since July last year. Flipping this indicator often leads to more gains over time. For example, the last time this happened, it jumped 65% to an all-time high of $3.6645.
Top Ripple Metrics Have Soared
The XRP price has jumped in the past few weeks as key metrics surged. One of the metrics is the growing XRP Ledger total value locked (TVL), which jumped by 25% in the last seven days to nearly $80 million.
More data reveals that the stablecoin supply in the network has jumped to over $364 million. Most of this growth is in the Ripple USD (RLUSD), which has become one of the biggest players in the stablecoin industry. RLUSD’s supply has soared to over $1.4 billion, a trend that will continue in the coming months.
Spot XRP ETF inflows have continued to grow over the past few months. Data shows that the ETF inflows have jumped to $1.20 billion, bringing the total net assets to over $1.37 billion. This growth means that the total inflows will be between $7 billion and $10 billion by the end of the year.
More XRP metrics have been strong in the past few days. Data show that XRP futures open interest has been in a strong uptrend over the past few weeks, a sign of increased accumulation. It moved to a high of $4.46 billion, moving from a low of $3.27 billion in December.
Additionally, the daily volume has been in a strong uptrend. It jumped to over $5.80 billion on Tuesday. Also, the Ripple USD (RLUSD) volume soared to over $151 million in the last 24 hours.
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