XRP has experienced a remarkable surge this week, with a 35% price increase, sparking conversations about the possibility of reaching new all-time highs.
Analysts have identified a bullish pennant pattern on XRP’s chart, indicating a potential breakout on the horizon.
Ripple’s recent legal victory against the SEC has enhanced XRP’s credibility, making it more appealing to institutional investors.
XRP has shown an impressive surge this week, with a notable 35% gain in price. This has led traders to speculate on whether this upward momentum will drive XRP to reach new all-time highs in the current market cycle. As of now, XRP is valued at $0.60, and analysts, such as Dark Defender, predict a potential rally to $18 – $36 once the $0.66 mark is breached.
And So It Began!#XRP entered the qualification mode by bouncing precisely from our last frontier, $0.3917, then surpassing $0.6044 and entering the previous triangle.
Above $0.6649, it is Magick towards $18 – $36
(NFA) pic.twitter.com/jLE1udxJyb
— Dark Defender (@DefendDark) July 17, 2024
XRP has seen a significant price surge from its previous level of $0.43 on July 10, showcasing its strength amidst the broader crypto market rally, according to data from CoinMarketCap.
XRP’s Technical Analysis
The crypto community is closely monitoring XRP’s price chart, with both analysts and investors identifying patterns that suggest a potential breakout. A specific highlight is the bullish pennant pattern that has formed on XRP’s chart over the past seven years.
This pattern, characterized by consolidation within a triangle structure after a strong upward movement, has caught the attention of experts like Santiment, who anticipate a significant breakout in crypto history.
Despite volatility, XRP has traded in a range of approximately 75% since the start of the year, fluctuating between a high of $0.71 and a low of $0.41.
Confidence in XRP reaching new all-time highs is growing among crypto analysts, with traders closely monitoring its price dynamics. In addition, Ripple’s successful legal battle against the SEC has the potential to elevate XRP’s reputation, attract institutional investors, and drive increased adoption, potentially resulting in price spikes and bolstered market confidence in the cryptocurrency.
While the question of whether XRP can surpass its previous all-time high of $3.40 (achieved in January 2018) remains unanswered, the current surge indicates exciting prospects for XRP enthusiasts in the foreseeable future.
