- XRP surged 12% to extend weekly gains to over 40%, beating other major tokens.A bullish triangle pattern on XRP‘s long-term price charts and a substantial increase in open interest suggest more upside in the coming weeks.
As a seasoned researcher with a deep understanding of the cryptocurrency market, I have witnessed many price movements and trends throughout my career. The recent surge of XRP, extending its weekly gains to over 40% and outperforming other major tokens, has caught my attention.In the last 24 hours, XRP experienced a significant increase of approximately 12%, making it the top performer among cryptocurrency heavyweights, surpassing Bitcoin (BTC) and the CoinDesk 20 (CD20) index.
Five percent was added by the mentioned token starting from Asian trading hours on Wednesday, resulting in approximately 40% total growth over the past week. This impressive increase has made it the top-performing major asset amidst positive regulatory news for ether (ETH) and a surge in popularity for meme coins.
“For a prolonged period, XRP underperformed the broader crypto market. However, the recent shift in cryptocurrency sentiment has led to an explosive surge in prices for XRP, which is now the largest altcoin. The most recent price increase brought it up to 60 cents, its highest point since April. This represents an effort to rejoin the two-year uptrend of XRP.” – Alex Kuptsikevich, FxPro senior market analyst explained.
It’s possible that XRP has had enough upward momentum for now and could use a break. Previously, we experienced extended periods of price stability during November-December and March. According to Kuptsikevich.
Last week marked the beginning of gains for the token as major players in traditional futures markets, CME and CF Benchmarks, introduced indices and reference rates for XRP. These developments have created a triangle pattern on the long-term price chart, which some well-known traders believe could signal bullish trends in the upcoming weeks.
“MichaelXBT, a crypto trader, has expressed that he hasn’t come across a seven-year-long bull pennant in the cryptocurrency market. He anticipates that we could be on the brink of experiencing one of the most noteworthy breakouts in crypto history.”
The triangle pattern is a widely-used chart formation in technical analysis for interpreting market mood and identifying budding trends. It emerges when the price of an asset exhibits limited fluctuation after a prolonged uptrend or downtrend.
A triangular chart formation signaling a breakout, particularly with high trading volumes, is interpreted as a positive indication by Chartists, potentially leading to price increases.
In the last week, the open interest for futures contracts linked to XRP has surged by over 100%, signaling heightened anticipation among traders for potential price fluctuations in the near future. Open interest represents the number of outstanding, unfilled futures contracts.
The data from CoinGlass indicates that wagers on XRP futures reached approximately $780 million by Wednesday, marking a significant increase from the $420 million recorded on July 9. This figure last appeared during the middle of April. According to CoinGecko, trading volumes for these tokens have also spiked, climbing from $2 billion to an impressive $3.6 billion within this timeframe.
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Approximately 60% of recent XRP futures wagers placed within the last 24 hours have been long positions, according to Coinalyze’s data. This significant increase in open interest and trading activity suggests that investors are pouring fresh capital into the market, anticipating further price growth for XRP.
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2024-07-17 12:17