Image Source: Freepik
Crypto market participants are expecting XRP to break out soon. The bullish sentiment resonates as XRP broke past the $0.60 level, up from $0.43 last week.The eighth largest cryptocurrency has rallied more than 38% over the past week, and even briefly managed to flip Solana in terms of 24 hour trading volume on July 16.
Bullish sentiment all aroundCryptocurrency analyst Michael believes the token will see one of the “most significant breakouts” in the history of cryptocurrency. He based his predictions on a bullish pennant that he said has formed on the XRP 3-month chart.A bullish pennant typically forms after a significant price increase, known as the “flagpole,” followed by a period of consolidation. It takes the shape of a small symmetrical triangle, resembling a pennant and indicates the continuation of a long-term upward trend.According to Michael, in this case, the bullish pennant has been forming over a period of seven years, and if the price breaks out, a strong upward trend is expected.Another crypto analyst, Amonyx, took a similar stance, predicting that XRP will hit a new all-time high.
#XRP is going to new ATH this cycle, and there’s nothing you can do about it 🚀
Everything will happen very fast!👀 pic.twitter.com/7cv7B6geSv
— Amonyx (@amonbuy) July 16, 2024
Meanwhile, anonymous crypto commentator Moon Lambo expects this breakout to play out and XRP to enter price discovery if the current momentum continues. At the time of writing, XRP has an ATH of $3.40, a level not seen since January 2018.However, the Moon Lambo emphasised that when major price moves happen, they happen fast, noting:
It’s very reasonable to believe we’ll likely be seeing a new all-time high for $XRP [..] remember: when it happens, it happens FAST. And all of the price action that precedes such a move… all the ranging, the crashes, etc., won’t matter at all.
Crypto analysis firm Santiment also highlighted the bullish narrative around XRP in a July 16 X post, which it says is in contrast to XRP competitor Cardano, which is “seeing the most bearishness in over a year.”Santiment stated:
Trader sentiment is following the price action. With XRP making an emergence this week, bullish narratives have erupted.
Previously, the firm noted a surge in whales and sharks holding more than 100,000 XRPs as the primary driver for the XRP price pushing past the $0.58 mark. The trend reportedly began last August, which the firm labelled as a “turning point.”
Key price point approachingHowever, before a price breakout, XRP needs to breach the “master fundamental level”, according to crypto commentator Dark Defender.Dark Defender pointed to $0.6649, not too far from XRP’s current price of $0.6068. The analyst expects “God Candles” to form on the XRP chart if this level is breached.A “god candle” refers to a single, large candlestick on a price chart that indicates a substantial and quick price increase. Dark Defender reiterated his bullishness regarding this scenario, noting this would “open the path to Heaven’s Stairway.”It is yet to be seen how the price action plays out. More By This Author:Intuitive Surgical: ISRG Stock Is Expensive And Extremely Risky Infosys Share Price Forecast: Buy Or Sell Ahead Of Earnings? Rio Tinto Considers $32 Billion Acquisition Of Canadian Mining Giant Teck Resources
