XRP has experienced a significant surge of 35% this week, sparking excitement among crypto traders who are now anticipating a potential breakout. The cryptocurrency is currently trading at $0.60, up from $0.43 on July 10, according to CoinMarketCap data, amidst a broader market rally.
“With XRP making an emergence this week, bullish narratives have erupted,” crypto analysis firm Santiment wrote on July 16. This sentiment follows several optimistic predictions about XRP shared on social media.
Pseudonymous crypto trader Crypto Michael highlighted a bullish pennant pattern forming on XRP’s price chart over seven years. "In all my years of trading crypto I have NEVER seen a 7 year long bull pennant," he wrote, indicating a potentially significant breakout.
Since January 1, XRP has traded within a range of approximately 75%, with a high of $0.71 and a low of $0.41. Crypto commentator Amonyx predicted, “XRP is going to new ATH this cycle, and there’s nothing you can do about it,” referring to its all-time high of $3.40 reached in January 2018.
Additionally, crypto commentator Dark Defender pointed out that the next crucial price point for XRP is $0.6649, just a 10% increase away. He predicted that reaching this level could lead to “multiple God Candles,” significant price spikes that could signal further upward movement.
XRP’s 35% price jump has also coincided with an influx of future traders entering new positions. Open Interest (OI) for Bitcoin has increased by 58% to $727.88 million over the past five days, marking its highest level in three months, according to CoinGlass data.
