Crypto traders are buzzing with excitement over XRP following a substantial 35% price surge over the past week, prompting speculation about a potential breakout for the cryptocurrency.
XRP is currently trading at $0.60, up from $0.43 on July 10, amidst a broader rally in the crypto market, according to data from CoinMarketCap.
“XRP has made a notable resurgence this week, sparking bullish sentiments,” remarked crypto analysis firm Santiment in a July 16 post. Several crypto commentators on social media have also shared optimistic forecasts about XRP.
“We may be on the verge of witnessing one of the most significant breakouts in crypto history,” pseudonymous crypto trader Crypto Michael commented, highlighting a bullish pennant pattern that has formed on XRP’s price chart over the past seven years. This pattern typically occurs when the price consolidates inside a triangle following a strong upward movement.
“In all my years of trading crypto, I have NEVER seen a bull pennant lasting seven years,” Crypto Michael added.
Since January 1, XRP has traded within a range of approximately 75%, fluctuating between a high of $0.71 and a low of $0.41.
“XRP is poised to reach a new all-time high this cycle, and there’s nothing you can do about it,” remarked crypto commentator Amonyx.
According to CoinGecko data, XRP’s current all-time high is $3.40, achieved in January 2018.
Meanwhile, crypto commentator Dark Defender points out that the next critical price milestone for XRP is just a 10% increase away.
“It’s important not to overlook XRP’s master fundamental level at $0.6649,” Dark Defender emphasized. They predicted that reaching this level would trigger “multiple God Candles,” referring to the largest candlesticks on a trading chart, indicating substantial price spikes.
“Above this level, we can anticipate multiple God Candles, paving the way to what could be seen as Heaven’s Stairway.”
Following XRP’s 35% price surge, there has been a notable increase in futures traders initiating new positions.
CoinGlass data shows that Open Interest (OI) for Bitcoin has surged by 58% to $727.88 million over the past five days, reaching its highest level in three months.
