XRP News – XRP Soars 35%: Traders Anticipate Major Breakout

XRP News – XRP Soars 35%: Traders Anticipate Major Breakout

XRP News – Crypto traders are abuzz with excitement over XRP following a remarkable 35% price increase in the past week, sparking speculation about a potential breakout for the cryptocurrency.

Currently trading at $0.60, up from $0.43 on July 10, XRP has been part of a broader market rally, according to CoinMarketCap data.

“With XRP making headlines this week, bullish narratives have surged,” crypto analysis firm Santiment noted in a July 16 X post. This sentiment was echoed by several crypto commentators who shared optimistic predictions about XRP on social media.

“We might be about to witness one of the most significant breakouts in crypto history,” stated pseudonymous crypto trader Crypto Michael on X. He highlighted a bullish pennant pattern forming on XRP’s price chart over seven years, a pattern that typically signals a significant upward move following a consolidation phase within a triangle.

“In all my years of trading crypto, I have NEVER seen a 7-year-long bull pennant,” Crypto Michael added.

Since January 1, XRP has fluctuated between a high of $0.71 and a low of $0.41, a range of approximately 75%.

“XRP is going to reach new all-time highs this cycle, and there’s nothing you can do about it,” asserted crypto commentator Amonyx. XRP’s current all-time high stands at $3.40, achieved in January 2018, according to CoinGecko data.

Meanwhile, crypto analyst Dark Defender emphasized the importance of the next critical price level, which is just a 10% increase away.

“It’s crucial not to underestimate the master fundamental level for XRP, which is $0.6649,” Dark Defender wrote, predicting that once this level is reached, it will trigger “multiple God Candles,” the largest candlesticks on a trading chart, indicating significant price surges.

“Above this level, we can expect multiple God Candles, paving the way to Heaven’s Stairway.”

The recent 35% price surge in XRP has coincided with an influx of futures traders entering new positions. Open Interest (OI) for Bitcoin has jumped 58% to $727.88 million over the past five days, marking its highest level in three months, according to CoinGlass data.