Cointelegraph Team
Cointelegraph
Crypto traders are feeling excitement over XRP after a massive 35% price gain over the past week — with many speculating if the cryptocurrency is due for a potential breakout.
XRP (XRP $0.61) is currently trading at $0.60, up from $0.43 on July 10 amid a broader crypto market rally, per CoinMarketCap data.
“With XRP making an emergence this week, bullish narratives have erupted,” crypto analysis firm Santiment wrote in a July 16 X post following on from several crypto commentators who shared bullish predictions about XRP on the social media platform.
“We might be about to witness one of the most significant breakouts in crypto history,” pseudonymous crypto trader Crypto Michael wrote on X, pointing to a bullish pennant pattern forming on XRP’s price chart over seven years — which appears when the price falls inside a triangle pattern following a strong move upside.
In all my years of trading crypto I have NEVER seen a 7 year long bull pennant.
Since Jan. 1, XRP has traded between a high of $0.71 and a low of $0.41, a range of approximately 75%.
“XRP is going to new ATH this cycle, and there’s nothing you can do about it,” crypto commentator Amonyx added.
XRP’s current all-time high is $3.40, reached in January 2018, according to CoinGecko data.
XRP is up 23.85% over the past 30 days. Source: CoinMarketCap
Meanwhile, crypto commentator Dark Defender notes that the next crucial price point is only a 10% increase away.
“It’s crucial not to underestimate the master fundamental level for XRP, which is $0.6649,” Dark Defender wrote, predicting that once it reaches this level, there will be “multiple God Candles,” which are the largest candle sticks on a trading chart, signaling significant price spikes.
Above it, we can expect multiple God Candles, which will open the path to Heaven’s Stairway.
XRP’s 35% price jump has come alongside an influx of future traders entering new positions.
Open Interest (OI) for Bitcoin has jumped 58% to $727.88 million over the past five days, marking its highest level in three months, according to CoinGlass data.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Recommended Content
Editors’ Picks
Dogecoin's recent lag provides opportunity for investors to ride potential 40% rally
Dogecoin (DOGE) is up 1% on Tuesday, as a recent analysis shows that its price is following similar patterns to top cryptocurrencies like Bitcoin, Ethereum, and Solana.
Ethereum set for new all-time high: Peter Brandt, Bitwise
Ethereum is up nearly 2% on Tuesday following predictions from Bitwise chief investment officer Matt Hougan that ETH ETFs could help push ETH to a new all-time high above $5,000. Other predictions also align with Hougan's position.
Worldcoin rallies over 36% after announcing token unlock extension
Worldcoin announced the extension of WLD token unlocks for team members and investors from three to five years. Investors raised concerns about the rising supply of WLD, speculating a possible price manipulation. WLD is up more than 36% following the announcement.
Meme coins rally amidst Ethereum ETF approval hype, PEPE extends gains by 10%
PEPE, a meme coin built on Ethereum, and based on a popular frog-themed meme has rallied in double digits on Tuesday. As crypto market participants await the SEC’s approval of a Spot Ethereum ETF, meme coins have started recovering from their decline.
Bitcoin: Investors wonder if BTC troubles are behind
Bitcoin (BTC) stabilized around the $57,000 mark this week, while the German Government persists in transferring Bitcoin to exchanges. Concurrently, US spot Bitcoin ETFs have recorded inflows.