After a week of price increases, XRP bears pushed the token down in the last 24 hours. Despite this dip, a new bull rally might be forming as XRP approaches key multi-year bullish patterns.

CoinMarketCap data shows XRP's price surged by over 5% in the past seven days, but it dropped nearly 2% in the last 24 hours. As of now, XRP is trading at $0.5965 with a market capitalization of over $33.5 billion, making it the 7th largest cryptocurrency.

Crypto analyst World of Charts recently highlighted a multi-year bullish triangle pattern on XRP’s chart. Since 2020, XRP's price has been moving within this pattern, suggesting a high probability of a breakout. This could potentially push the price toward $3 or higher.

Several factors could trigger a bull rally for XRP, such as increased buying pressure and positive market sentiment. AMBCrypto analyzed Santiment data and found that XRP's trading volume rose along with its price. A drop in supply on exchanges and a spike in exchange outflow further indicate growing buying pressure.

Additionally, whale transactions have increased recently, showing active trading. However, market sentiment around XRP has turned bearish, as indicated by a dip in weighted sentiment and social volume.

AMBCrypto's analysis of XRP's daily chart revealed a downtick in the Chaikin Money Flow (CMF), approaching the neutral mark. The Relative Strength Index (RSI) also showed a similar trend, suggesting XRP may take longer to break above its multi-year bull pattern.