As a seasoned crypto investor with over five years of experience in this volatile market, I’ve seen my fair share of price swings and market trends. Lately, I’ve been closely monitoring Ripple’s XRP due to its impressive performance in recent days. I recall the asset’s price surging past $0.61 for the first time since early April, marking a substantial increase of over 40% on a weekly scale and a 14% rise within the past 24 hours.
TL;DR
Bullish analysts believe there is more fuel for additional gains, envisioning an ascent to as high as $20.
Climbing the Crypto Ladder
In the last few days, Ripple‘s XRP has experienced significant growth. Its value has jumped by more than 40% in just one week. Additionally, within the past day, its price has climbed approximately 14%, breaking through the $0.61 barrier for the first time in over three months according to CoinGecko’s data.
Based on my extensive experience in following the cryptocurrency market, I can tell you that when I saw XRP‘s market capitalization surpass $34 billion recently, it brought back memories to me of the beginning of April. At that time, XRP was not even among the top 10 largest cryptocurrencies. But now, with this new development, XRP has managed to overtake Lido Staked Ether (STETH) and USDC (USDC), taking the sixth position in the rankings.
In a recent article, CryptoPotato shared that XRP‘s price surge aligns with the overall growth of the digital asset market and the revival of significant indicators within Ripple’s network. Some notable examples include the total number of completed transactions and the average transactions per ledger, both reaching a six-month peak.
The price ascent could also be attributed to the rising expectations that the lawsuit between Ripple and the US Securities and Exchange Commission (SEC) may officially end in the next few months. The American attorney Fred Rispoli speculated that an agreement could occur as early as this month, while Jeremy Hogan thinks the spat is more likely to conclude before the end of the summer.
The Odds of a Further XRP Rally
Crypto X is currently swarming with analysts who have observed its remarkable growth and anticipate further increases in the upcoming period. Notably, Nebraskangooner, an influential X user boasting nearly 350,000 followers, believes that XRP has been forming a “potential channel” at resistance over the past year, implying a potential breakthrough to hit $1 or more.
According to EGRAG CRYPTO’s analysis, the price would rise above $0.75 if it surpassed the $0.65 threshold. The analyst further commented that anything below $0.75 was merely market fluctuation.
Crypto Michael and Armando Pantoja expressed strong optimism on XRP‘s potential. Yesterday (July 16), Michael asserted that XRP could experience significant growth, potentially turning into one of the most notable price surges this year, once it managed to breach the substantial resistance threshold of $0.56. Remarkably, the price broke through this barrier just hours afterwards.
According to Armando Pantoja’s analysis using the Bollinger Band tool on XRP‘s price chart, we could be in for a significant price surge towards $20. Narrowing Bollinger Bands is often an indicator of an imminent large price swing.
One XRP user remarked last week that the digital currency’s monthly Bollinger Bands are currently experiencing one of the most compressive squeezes in its history, and this trend is also observed across the entire crypto market. Previously, when such a squeeze occurred, Ripple’s price soared by an astounding 60,000%.
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2024-07-17 13:32