XRP price continues to consolidate between two crucial converging trend lines. As the asset coils up, it prepares for a massive breakout that will result in an explosive run-up or run-down. On-chain metrics, however, suggest that this move will likely favor the bulls.
Ripple bulls await volatility
XRP price action from December 2021, has set up two lower highs and two higher lows. Drawing a trend line along these swing points reveals the formation of a symmetrical triangle. Although this technical formation does not have a breakout bias, it forecasts a 46% move, obtained by measuring the distance between the first swing high and swing low.
Adding this distance to the breakout reveals the theoretical target for the setup. A bullish breakout puts the XRP price at $1.24, whereas a bearish breakout could knock the remittance token down to $0.362.
An educated guess hints that the consolidation will continue for another week or two before a breakout occurs. However, judging by the recent bullishness in the market, XRP price is likely to see a bullish move when it moves out of the symmetrical triangle.
The supply distribution chart shows that XRP whales have been busy accumulating the remittance token. Whales holding 10 million or more XRP tokens increased from 317 to 337 between 6-21 February. This 6.3% increase serves as a proxy of their investment interests, signaling that these investors are interested in XRP at the current price levels, supporting a bullish breakout from the symmetrical triangle.
The supply distribution chart shows that XRP whales have been busy accumulating the remittance token. Whales holding 10 million or more XRP tokens increased from 317 to 337 between 6-21 February. This 6.3% increase serves as a proxy of their investment interests, signaling that these investors are interested in XRP at the current price levels, supporting a bullish breakout from the symmetrical triangle.
MAJOR RIPPLE XRP UPDATE! 2 HUGE Rulings! What Is About To Happen With XRP & Ripple! + Settlement?
How Much Value Has the Dollar Lost?
Inflation in the US climbed to its highest level in 40 years in January, with prices rising by 7.5% from a year ago
Hyperinflation after World War I reduced the dollar’s value by nearly half from 1913 to 1919, but the Great Depression created deflation, which occurs when prices drop while the dollar gains value.5 After World War II, the global economy grew, and inflation returned.6
Through the years, recessions initially created deflation, but inflation followed as the government spent to fight it.
Using a CPI inflation calculator, we can start with $100 in 1913 and track its equivalent value in dollars in future years:
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