Bullish narratives surrounding the native token of the XRP Ledger have recently surged after the price of XRP moved up more than 38% in a single week to now trade above $0.6, in a trend that made it the seventh-largest cryptocurrency by market capitalization.
The price of XRP has significantly outperformed Bitcoin, Ethereum, and other major cryptocurrencies over the past week in a rally that analysts attributed to a confluence of factors including heightened trading activity.
š„³š± Trader sentiment is following the price action. With XRP making an emergence this week, bullish narratives have erupted. On the other end of the spectrum, Cardano is seeing the most bearishness in over a year. Counter-trading the crowd's consensus could prove profitable. pic.twitter.com/yin7ZeRYqC
ā Santiment (@santimentfeed) July 17, 2024
As CryptoGlobe reported, a popular cryptocurrency analyst going by Milkybull Crypto suggested to his over 70,000 followers on the microblogging platform X (formerly Twitter), that the XRP price rally was ājust getting started,ā and added he believes itās going to be a rally similar to the one seen back in 2017.
At the time, the price of the native token of the XRP Ledger surged more than 66,000% from around $0.005 to over $3.3 before its price started dropping.
Similarly, crypto analyst MichaelXBT noted on the same microblogging platform the formation of a rarely seen seven-year bullish pennant pattern for XRP. This extended consolidation period, he argues, suggests the potential for a significant price increase.
Another analyst, The Great Matsby, made an even bolder prediction on the cryptocurrency based on a technical pattern known as the Bollinger Band squeeze.
The analyst pointed out that XRP is currently experiencing one of the tightest monthly Bollinger Band squeezes in its history, which has often preceded significant price movements in the past. Such a move would see XRP trade at $250, and have a $14 trillion market capitalization.
Featured image via Unsplash.
