Crypto traders are abuzz with excitement over XRP, which has seen a 35% price increase in the past week. This surge has led to predictions about a potential breakout for the cryptocurrency. XRP is 35% up from $0.43 on July 10.
XRP Skyrockets
According to data from CoinMarketCap, the sixth biggest cryptocurrency by market cap is currently trading around $0.62, up by more than 12% in the last 24 hours. XRPâs trading volume has surged to $3.57 billion, up by around 50%.
Several crypto analysts and commentators are echoing bullish sentiment surrounding XRP. A crypto commentator, Amonyx, confidently predicted that XRP is poised to reach new all-time highs during this cycle. âXRP is going to new ATH this cycle, and thereâs nothing you can do about it,â Amonyx declared.
The current all-time high for XRP is $3.40, a level it reached in January 2018. While this might seem like a long shot, the recent surge has revived hopes among XRP enthusiasts.
Moreover, on July 16, the crypto analytics firm Santiment highlighted the emergence of the token as a focal point of bullish narratives.
A Major Breakout Due
One pseudonymous crypto trader, known as Crypto Michael, also shared an optimistic outlook. He pointed to a bullish pennant pattern forming on XRPâs price chart over seven years.
This pattern, characterized by price movements within a triangle following a strong upward move, is often seen as a sign of a major breakout. He suggested that the market might be on the verge of witnessing a massive bull in crypto history.
Are We on the Verge of Seeing God Candles?
Crypto commentator Dark Defender identified $0.6649 as the next crucial price level for XRP. He predicted that crossing this level would lead to multiple âGod Candles,â signifying big price spikes.
The recent 35% price jump in XRP has coincided with a significant increase in futures trading activity. Open Interest (OI) for Bitcoin has surged by 58%, reaching $727.88 million over the past five days, its highest level in three months, according to CoinGlass data. BTC is trading at around $65,400, up by more than 4% in the past day. The cryptocurrency has surged by around 12% in the last seven days.
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