'Bullish narratives' erupt as XRP surges 35% this week

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.

Author

Cointelegraph Team

Cointelegraph

We are privileged enough to work with the best and brightest in Bitcoin.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

BNB Price Forecast: BNB slips below $855 as bearish on-chain signals and momentum indicators turn negative

BNB, formerly known as Binance Coin, continues to trade down around $855 at the time of writing on Tuesday, after a slight decline the previous day. Bearish sentiment further strengthens as BNB’s on-chain and derivatives data show rising retail activity.

Top Crypto Losers: Aster, Midnight, and Ethena extend losses as selling pressure mounts

Aster, Midnight, and Ethena are the altcoins with the most losses over the last 24 hours, as the broader cryptocurrency market weakens amid Bitcoin dropping below $86,000. ASTER, NIGHT, and ENA risk further losses as selling pressure mounts and risk-off sentiment spreads across the crypto market.

Ethereum Price Forecast: BitMine acquires 102,259 ETH as price plunges 5%

Ethereum (ETH) treasury company BitMine Immersion scaled up its digital asset stash last week after acquiring 102,259 ETH since its last update. The purchase has increased the company's holdings to 3.96 million ETH, worth about $11.82 billion at the time of publication.