XRP continues to steal the limelight based on a weekly surge of 41.6%, thanks to heightened investor accumulation and positive crowd sentiment.
Therefore, according to leading crypto analytic firm Santiment, soaring trader interest has ignited the market rebound in the XRP network.
Source: Santiment
This is a welcome move for XRP since the seventh-largest cryptocurrency had stagnated at the $0.5 zone for months. According to CoinGecko data, XRP was trading at $0.59 at the time of writing.
Accumulation has been soaring in the XRP ecosystem, with institutional investors igniting this momentum.
This is because 300 million XRP coins were purchased between July 12th and 15th, according to Santiment data.
Source: Santiment
Therefore, a notable hodl trend has also propelled XRP to greater heights.
Will XRP Erase a 6.5-Year Downtrend?
Things have not been smooth sailing for XRP since its progress was jeopardized by a United States Securities and Exchange Commission (SEC) lawsuit against its parent company, Ripple, for nearly 3 years.
Nevertheless, XRP sighed with relief after a US court deemed cryptocurrency not a security.
Based on this status, XRP intends to erase a notable downtrend, as highlighted by a top technical analyst under the pseudonym Charting Guy, who stipulated, “XRP 1 month RSI about to break 6.5 year downtrend with a pending bullish cross While price has been consolidating in a symmetrical triangle that entire time. I will keep shilling XRP because I think it is one of the biggest opportunities this cycle.”
Source: Charting Guy
Therefore, time will tell how XRP plays out in the short and long term. CryptoGeek acknowledged that the altcoin was staring at a whopping 61,000% increase based on the formation of a symmetrical triangle on the monthly chart.
