The cryptocurrency XRP has experienced a significant increase in value, rising by 50% in the last two weeks. This sharp rise has created great excitement among many cryptocurrency investors and led to speculation that XRP might be on the verge of a major breakout. The analysis of long-term trends observed in XRP’s price charts forms the basis of this optimism.
XRP Price Increase
On July 5, XRP was at $0.40 and is currently trading around $0.60. This rise is considered part of a general rally in the cryptocurrency market. The bullish sentiment around XRP was widely shared by many crypto commentators, with crypto analysis firm Santiment noting the increase in bullish narratives around the cryptocurrency on social media.
One of the most prominent voices in this wave of optimism, Crypto Michael, pointed out that a bullish flag formation, which has been developing for seven years, has formed on XRP’s price chart. This formation typically indicates the potential for a strong upward movement after a consolidation period. Crypto Michael stated that he had never seen such a long-term bullish flag in all his years of trading.
Since the beginning of the year, XRP has traded in the range of $0.41 to $0.71, reflecting a 75% range in its price. This recent increase has refocused attention on the possibility of XRP reaching all-time highs. A crypto commentator named Amonyx stated that XRP is on the path to setting all-time highs during this market cycle, with very few things that could change this trajectory. The previous all-time high for XRP was $3.40, achieved in January 2018.
Critical Price Levels
Another crypto commentator, Dark Defender, emphasized that the next critical price level for XRP is $0.6649. He predicted that surpassing this level would lead to significant price increases and that the largest candlesticks in the trading chart, which he called “God Candles,” would indicate major price increases.
Additionally, the recent price jump in XRP coincided with an increase in the number of traders entering new positions in the futures market. According to CoinGlass data, Open Interest (OI) for Bitcoin also showed a significant increase, rising by 58% in the last five days to $727.88 million, reaching the highest level in the last three months. This increase in OI further fueled the bullish sentiment surrounding XRP, indicating increased trading activity and interest.
Finally, I believe attention should be paid to this rise in XRP’s price. Because when Ripple sees these rises, it can take advantage of the opportunity to sell a large amount of XRP in the market. Such a situation can cause the price to drop and result in losses for investors. Additionally, the lawsuit between Ripple and the SEC should always be kept in mind.
