XRP just saw an unexpected increase of 35% this week, causing excitement among traders and investors who are now waiting for a potential breakout. Will they get it?
No pain but gain
Crypto traders are buzzing after the nice gains of the XRP’s price, and many are speculating that this could lead to another, hopefully bigger breakout.
According to CoinMarketCap, XRP is currently trading at $0.60, up from $0.43 on July 10, reflecting a broader rally in the crypto market.
The crypto analysis firm Santiment noted on July 16 that bullish narratives have erupted as XRP’s price surged, and also this follows several optimistic predictions from crypto commentators on social media.
Jump around
A crypto trader known as Crypto Michael expressed optimism on social media, and pointing to a bullish pattern forming on XRP’s price chart over the past seven years.
As we take a look, it’s a pennant pattern, which usually occurs when the price moves within a triangle pattern after a strong upward move.
Crypto Michael stated, “In all my years of trading crypto, I have NEVER seen a 7-year-long bull pennant.” Which means, it could be a huge bull signal.
Since the beginning of the year, XRP fluctuated between a high of $0.71 and a low of $0.41, showing a range of approximately 75%.
Not extraordinary big, but not small either. Another crypto commentator, behind the nickname Amonyx, confidently stated, “XRP is going to new all-time highs this cycle, and there’s nothing you can do about it.”
If there is anyone who want to do about it, c’mon. The current all-time high for XRP is $3.40, which was reached in January 2018.
Lines on graphs
Another commentator, Dark Defender, mentioned the importance of the $0.6649 price level for XRP, which is only a 10% increase away.
He thinks that reaching this level could trigger “multiple God Candles,” meaning giant price spikes. He described this as opening the “path to Heaven’s Stairway.”
The recent 35% increase in XRP’s price also coincided with a surge in traders entering new positions, as Open Interest for Bitcoin grew by 58% to $727.88 million over the past five days, to its highest level in three months.
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