$XRP Surges 12% on the Back of Triangle Pattern, Rising Futures Bets Favor Bullish Price Moves Ahead
XRP surged 12% to extend weekly gains to over 40%, beating other major tokens.
A bullish triangle pattern on XRP's long-term price charts and a substantial increase in open interest suggest more upside in the coming weeks.
XRP surged 12% in the past 24 hours to lead gains among crypto majors, beating bitcoin (BTC) and the broader coinDesk 20 (CD20) index.
The token added 5% since the start of Asian trading hours on Wednesday to extend seven-day gains to nearly 40%, making it the best-performing major despite favorable regulatory developments for ether (ETH) and demand for meme coins.
"XRP has been performing worse than the market for a long time, but the reversal of sentiment in crypto has sparked a rise on steroids in the once-largest altcoin. On the latest bounce, the price rose to 60 cents, its highest since April. This is an attempt to jump back into the uptrend of the past two years, " Alex Kuptsikevich, FxPro senior market analyst said.
However, it may well turn out that XRP needs to rest after the climb. And this high is appropriate, as we saw prolonged consolidations here in November-December and March, Kuptsikevich added.
Gains in the token started last week as traditional futures powerhouses CME and CF Benchmarks announced the debut of indices and reference rates for XRP. And such moves have formed a triangle pattern on long-term price charts, which some popular traders say could favor bullish action in the coming weeks.
Crypto market revives: $BTC up 4% in 24hrs, 10% in a week. Pepe sees a 20% rise. Pepe Unchained gains momentum in $3.5M presale amid market surge.
Meanwhile, a new Pepe-inspired memecoin called Pepe Unchained (PEPU) is also gaining momentum throughout its presale, which has just surged past $3.5M.
And with the crypto market back on the rise, now could be the best time to invest in this unique memecoin.
Pepe Unchained has its own blockchain
Memecoins have dominated in 2024. From Pepe to Mog Coin, these joke tokens have kept captivating the masses and pulling massive returns for investors. But now, a new meta is taking shape: memecoins with utility.
Shiba Inu kickstarted this trend in 2021 with utilities like a DEX and Play-to-Earn game. Newcomers like Bonk and Floki also have integrated utilities. Each of these tokens has enjoyed strong performances against other memecoins recently.
For instance, Bonk flipped its no-utility Solana peer Dogwifhat, and Shiba Inu has outperformed Dogecoin by over 2x in the past year. But until now, there are no utility-centered memecoins that embrace the iconic Pepe the Frog meme.
That was before Pepe Unchained entered the arena.
This token will be the first Pepe-themed cryptocurrency with its own blockchain. It is building an Ethereum layer 2 that is cheaper and faster than the main network while retaining its decentralization and security.
But Pepe Unchained devs are not stopping there. It also has a block explorer, Ethereum bridge, and staking. With the project in its presale, traders don’t have to wait for staking.
The feature is live and offers potential massive rewards, thanks to the project’s lower operational costs. Currently, stakers can garner a 522% APY – that’s a no-brainer compared to Ethereum’s 7% staking.