XRP has jumped 35% this week. Traders are buzzing about a potential breakout. They're eyeing a long-term trend on the price chart.
The crypto world is abuzz over XRP. It's seen a massive 35% price gain in a week. Many are wondering if it's due for a breakout.
XRP is now trading at $0.60. That's up from $0.43 on July 10. This comes amid a broader crypto market rally, according to CoinMarketCap data.
Crypto analysis firm Santiment noted the excitement. "With XRP making an emergence this week, bullish narratives have erupted," they wrote on X.
Some traders are making bold predictions. Crypto Michael, a pseudonymous trader, wrote on X: "We might be about to witness one of the most significant breakouts in crypto history." He's talking about a bullish pennant pattern on XRP's chart. It's been forming for seven years. That's a long time, even for crypto.
"In all my years of trading crypto I have NEVER seen a 7 year long bull pennant," he added.
XRP's been on a rollercoaster this year. Since January 1, it's traded between $0.71 and $0.41. That's a 75% range.
Some traders are going all in on XRP. Crypto commentator Amonyx boldly stated: "XRP is going to new ATH this cycle, and there's nothing you can do about it."
For context, XRP's all-time high is $3.40. That was back in January 2018, according to CoinGecko data.
Another commentator, Dark Defender, is watching a specific price point. "It's crucial not to underestimate the master fundamental level for XRP, which is $0.6649," he wrote. That's only 10% away from current levels.
Dark Defender's prediction is pretty out there. He says once XRP hits that level, we'll see "multiple God Candles." These are massive price spikes on trading charts. He even called it "Heaven's Stairway." Talk about hyperbole.
The price jump has attracted more traders. Open Interest for Bitcoin has shot up 58% to $727.88 million in five days. That's the highest in three months, according to CoinGlass data.
So, is XRP really headed for the moon? Or is this just another crypto pipe dream? Only time will tell. But one thing's for sure – the crypto market never fails to keep us on our toes.