Author: Ciaran Lyons, CoinTelegraph; Translated by: Baishui, Golden Finance

Cryptocurrency traders are excited about XRP as its price has surged by a massive 35% over the past week — with many speculating whether the cryptocurrency will see a breakout.

Amid a broad rally in the cryptocurrency market, XRP is currently trading at $0.60, up from $0.43 on July 10, according to CoinMarketCap.

“As XRP rises this week, bullish talk has exploded,” crypto analytics firm Santiment wrote in a July 16 X post, after several crypto commentators shared bullish predictions for XRP on the social media platform.

“We may be on the verge of witnessing one of the most significant breakouts in cryptocurrency history,” anonymous cryptocurrency trader Crypto Michael wrote on X, noting that a bullish pennant pattern — which occurs when prices fall inside a triangle formation after a strong rally — has formed on XRP’s price chart for seven years.

“In all my years of trading crypto, I have never seen a bull pennant that lasted seven years.”

Since January 1, XRP has traded between a high of $0.71 and a low of $0.41, a range of about 75%.

“XRP is going to hit new highs this cycle and there’s nothing you can do about it,” added cryptocurrency commentator Amonyx.

According to CoinGecko, XRP’s current all-time high is $3.40, set in January 2018.

XRP is up 23.85% in the past 30 days. Source: CoinMarketCap

Meanwhile, cryptocurrency commentator Dark Defender noted that the next key price point only requires a 10% increase.

“It is crucial not to underestimate XRP’s major fundamental level, which is $0.6649,” Dark Defender wrote, predicting that once this level is reached, there will be “multiple God candles,” the largest candles on the trading chart, signaling a major price surge.

"On top of it, we can see multiple divine candles that will open the way to the stairway to heaven."

The 35% increase in XRP prices came as a large number of futures traders entered new positions.

According to CoinGlass, Bitcoin’s open interest (OI) has risen 58% over the past five days to $727.88 million, the highest level in three months.