Crypto traders are feeling excitement over XRP after a massive 35% price gain over the past week — with many speculating if the cryptocurrency is due for a potential breakout.
XRP (XRP) is currently trading at $0.60, up from $0.43 on July 10 amid a broader crypto market rally, per CoinMarketCap data.
“With XRP making an emergence this week, bullish narratives have erupted,” crypto analysis firm Santiment wrote in a July 16 X post following on from several crypto commentators who shared bullish predictions about XRP on the social media platform.
“We might be about to witness one of the most significant breakouts in crypto history,” pseudonymous crypto trader Crypto Michael wrote on X, pointing to a bullish pennant pattern forming on XRP’s price chart over seven years — which appears when the price falls inside a triangle pattern following a strong move upside.
“In all my years of trading crypto I have NEVER seen a 7 year long bull pennant.”
Since Jan. 1, XRP has traded between a high of $0.71 and a low of $0.41, a range of approximately 75%.
“XRP is going to new ATH this cycle, and there’s nothing you can do about it,” crypto commentator Amonyx added.
XRP’s current all-time high is $3.40, reached in January 2018, according to CoinGecko data.
Meanwhile, crypto commentator Dark Defender notes that the next crucial price point is only 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 it reaches this level, there will be “multiple God Candles,” which are the largest candle sticks on a trading chart, signaling significant price spikes.
“Above it, we can expect multiple God Candles, which will open the path to Heaven’s Stairway.”
Related: Bitcoin risks 30% loss against XRP if ‘triple bottom’ confirms
XRP’s 35% price jump has come alongside an influx of future 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.