In this ongoing significant price surge across the cryptocurrency market XRP (XRP) has gained massive attention from investors and traders. XRP, a significant cryptocurrency, has surged 12% in the past 24 hours, emerging as a leader among major digital assets.
XRP surge 12% in last 24 hours
Despite recent positive developments favoring other cryptocurrencies like Ethereum (ETH) and the popularity of meme coins, XRP has demonstrated strong performance.
During Asian trading hours on Wednesday, XRP rose 5%, extending its gains to nearly 40% over the past seven days and reaching 60 cents, its highest price since April. This surge marks a reversal of sentiment for XRP, which has historically underperformed compared to the broader market.
According to Alex Kuptsikevich, Senior Market Analyst at FxPro, this rally suggests a potential return to an uptrend following periods of consolidation seen in previous months.
$XRP Historic Breakout Incoming In all my years of trading crypto I have NEVER seen a 7 year long bull pennant We might be about to witness one of the most significant breakouts in crypto history pic.twitter.com/X4H5otlcAM
— Crypto Michael (@MichaelXBT) July 17, 2024
The bullish momentum for XRP gained traction last week when major futures platforms, CME and CF Benchmarks, introduced new indices and reference rates for the token. This development coincided with the formation of a triangle pattern on long-term price charts, a signal often interpreted by analysts as indicating potential further upward movement.
Crypto trader MichaelXBT highlighted the significance of this triangular pattern, suggesting a breakout that could be one of the most significant in crypto history. The triangular pattern is widely used in technical analysis to predict market movements following a period of price consolidation.
Moreover, futures trading data shows growing investor interest in XRP, with open interest doubling over the past week. This increase reflects heightened expectations for future price volatility among traders. CoinGlass data indicates that XRP futures trading volume surged from $2 billion to $3.6 billion recently, with a majority of new positions betting on higher prices.
WIF outperform BTC, ETH, and SOL
XRP’s recent surge highlights renewed investor confidence and increased market interest, driven by institutional support and technical indicators suggesting potential further gains. The introduction of new futures indices and strong trading volumes indicate a positive outlook for XRP in the near term.
Whereas, other cryptocurrencies including Dogwifhat (WIF) also experienced a similar price surge in the last few days. According to coinmarketcap, WIF has experienced a price surge of 40% in the 3 days and outperformed major cryptocurrencies including BTC, ETH, SOL, and others.
The current market sentiment looks bullish as Bitcoin Exchange Traded Funds (ETFs) has continuously experienced notable inflows. This inflows in Bitcoin ETF signals potential bull run in the coming days.
