On this past Wednesday, the value of XRP hit a seven-year high, momentarily spiking up to $3.02. This impressive increase represents a significant jump of approximately 30% in its price over the last fortnight.
In sharp difference from the wider crypto market, this exceptional display is a stark exception for key players such as Bitcoin (BTC) and Ethereum (ETH), who’ve found it challenging to sustain positive growth trajectories.
Analyst Highlights ‘Massive Bullish Breakout’ For The XRP Price
Experts foresee that the momentum of XRP’s price increase could persist, fueled by robust demand and optimistic market feelings observed over the last few weeks.
Remarkably, market analyst Ali Martinez, who specializes in technical analysis, has pointed out on his recent social media post (previously Twitter) a significant upward price movement for XRP that he terms a “major bullish breakout.
Based on Martinez’s findings, it appears that there has been a substantial increase in the purchase of XRP coins, with approximately 1.10 billion tokens bought just last week. This heavy buying spree seems to have sparked a sense of momentum, and is further bolstered by technical indicators.
Martinez emphasizes that the price of XRP has burst through a bull pennant structure, which is typically a positive sign indicating potential future price rises may occur.
According to the analyst, if the ongoing buying pattern continues, the XRP price might surge to unprecedented peak values of around $10, surpassing its previous best of $3.40 set in 2018. Yet, not all signs suggest an outright triumph for this prediction.
In addition, Martinez pointed out that the TD Sequential indicator, commonly used by traders, recently displayed a sell signal on the 4-hour chart for the XRP rate. This may indicate that a brief price adjustment might occur soon.
The Crucial Hurdle For XRP’s Continued Bullish Momentum
Boosting hope among XRP investors, an analyst referred to as Dom has made similarities between the recent market behavior and the XRP’s price trend back in 2017.
Dom’s examination reveals an intriguing fractal pattern, as XRP remained stable for approximately 25 days prior to a notable surge.
For roughly 30 days now, XRP has been holding steady, prompting analyst Dom to speculate that a similar upward surge might ensue, possibly reaching new record peaks.
Currently, following recent trades, XRP has seen a minor pullback, hovering near $2.93. It seems to be trying to make this price point its foundation for potential upcoming growth.
Nevertheless, the $3 price point stands as a significant hurdle, an obstacle that hasn’t been crossed in more than seven years. Clearing this barrier will be pivotal for XRP to sustain its bullish trend and encourage traders to trust in the altcoin’s future path.
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2025-01-16 19:02