Cryptocurrency traders are feeling the excitement surrounding XRP, which has surged 35% in price over the past week. Many are speculating whether the cryptocurrency could surge further.
According to CoinMarketCap data, XRP (XRP) is currently trading at $0.60, up from $0.43 on July 10, amid a broader cryptocurrency market rally.
“XRP has exploded with bullish talk this week,” cryptocurrency analytics firm Santiment wrote in a July 16 post to XRP, following several cryptocurrency commentators sharing bullish predictions for XRP on social media platforms.
“We may be witnessing one of the most significant breakouts in crypto history,” anonymous cryptocurrency trader Crypto Michael wrote on X, pointing out a bullish pennant pattern that has formed on the XRP price chart over the past seven years. This occurs when the price falls inside a triangle pattern after a strong uptrend.
“I’ve been trading cryptocurrencies for years and I’ve never seen a bull market that lasted 7 years.”
Since January 1, XRP has traded between a high of $0.71 and a low of $0.41, a range of about 75%.
Cryptocurrency commentator Amonyx added, “XRP is going to hit a new ATH this cycle and there’s nothing you can do about it.”
According to CoinGecko data, XRP’s current all-time high is $3.40, recorded in January 2018.
Meanwhile, cryptocurrency commentator Dark Defender points out that the next significant price range is only up 10%.
“It is important not to underestimate the $0.6649 fundamental level for XRP,” Dark Defender wrote, predicting that if this level is reached, “multiple god candles,” the largest candlesticks on the trading chart, will appear, signaling a significant price surge.
“It is expected that there will be several divine candles on top, which will open the way to the stairway to heaven.”
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The 35% surge in XRP price was accompanied by a surge in futures traders entering new positions.
According to CoinGlass data, Bitcoin’s open interest (OI) has surged 58% over the past five days to $727.88 million, its highest level in three months.
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This article does not contain any investment advice or recommendations. All investment and trading moves involve risk, and readers should conduct their own research when making decisions.