XRP has jumped 35% this week, and some traders are predicting a breakout. They are looking at a long-term trend they’ve noticed on the price chart.
Crypto traders are excited about XRP’s 35% price increase over the past week, with many wondering if the cryptocurrency might be on the verge of a breakout.
XRP’s Surge Sparks Bullish Predictions
XRP is currently trading at $0.60, up from $0.43 on July 10, amid a broader crypto market rally, according to CoinMarketCap data. This surge has led to a flurry of bullish predictions from the crypto community.
Crypto analysis firm Santiment noted on July 16 that XRP’s recent emergence has fueled positive narratives. Many crypto commentators on social media are sharing optimistic views about XRP’s future.
Pseudonymous crypto trader Crypto Michael pointed to a seven-year-long bullish pennant pattern on XRP’s price chart, suggesting it might lead to one of the most significant breakouts in crypto history. He mentioned that in all his years of trading, he has never seen a bull pennant last this long.
Since January 1, XRP has traded between a high of $0.71 and a low of $0.41, marking a 75% range. Crypto commentator Amonyx also predicted that XRP will reach a new all-time high (ATH) this cycle, despite its current ATH of $3.40 from January 2018, according to CoinGecko data.
XRP’s Next Price Target and Market Activity
Crypto commentator Dark Defender highlights that XRP is just a 10% increase away from a crucial price point. Dark Defender emphasized the importance of the $0.6649 level for XRP, predicting that reaching this price could lead to “multiple God Candles,” which are significant price spikes on a trading chart.
Dark Defender also suggested that crossing this level could pave the way for “Heaven’s Stairway,” indicating a potential surge in price.
XRP’s 35% price increase has coincided with a rise in future traders taking new positions. Open Interest (OI) for Bitcoin has surged 58% to $727.88 million over the past five days, reaching its highest level in three months, according to CoinGlass data.
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