XRP has seen an impressive 35% price spike this week, sparking speculation about new all-time highs.
Analysts observe a bullish pennant pattern on XRP’s chart, signaling a potential breakout.
Ripple’s win against the SEC boosts XRP’s credibility and may attract institutional investors
XRP has remarkably surged this week, gaining an impressive 35%. Traders are now speculating whether this bullish momentum will propel XRP to new all-time highs during this market cycle. Currently, XRP is trading at $0.60 and some analysts like Dark Defender suggest the price could rally to $18 – $36 once $0.66 is breached.
And So It Began!#XRP entered the qualification mode by bouncing precisely from our last frontier, $0.3917, then surpassing $0.6044 and entering the previous triangle.Above $0.6649, it is Magick towards $18 – $36 (NFA) pic.twitter.com/jLE1udxJyb
— Dark Defender (@DefendDark) July 17, 2024
XRP has seen a significant price increase from its previous level of $0.43 on July 10. The surge is part of a broader rally in the crypto market, as indicated by CoinMarketCap data.
XRP’s Technical Analysis
Both analysts and investors are closely monitoring XRP’s price chart, identifying patterns that suggest a potential breakout. One key observation is the formation of a bullish pennant pattern on XRP’s chart over the past seven years.
This pattern occurs when the price consolidates within a triangle shape following a strong upward move. Santiment notes that this breakout could be one of the most significant in crypto history.
XRP has traded within a range of approximately 75% since the beginning of the year, despite volatility. The price has been oscillating between a high of $0.71 and a low of $0.41.
Some crypto analysts are confident that XRP will reach new all-time highs this cycle. The sentiment around XRP is turning bullish, with traders closely following the price action.
Meanwhile, Ripple’s win against the SEC can boost XRP’s credibility, attract institutional investors, and drive higher adoption. This can lead to potential price increases and renewed market confidence in the cryptocurrency.
Whether XRP can surpass its previous all-time high of $3.40 (achieved in January 2018) remains to be seen. However, the current surge suggests exciting times ahead for XRP enthusiasts.
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The post Bullish Momentum Drives XRP’s 35% Weekly Surge appeared first on Crypto News Land.