XRP Price Reaches Seven-Year High of $3.02 with 30% Gain
XRP reached a seven-year high of $3.02, marking a 30% increase over two weeks. This rise contrasts with the broader cryptocurrency market, where major assets like Bitcoin and Ethereum have struggled.
Analyst Insights
- Analysts predict continued upward momentum for XRP due to strong buying pressure and positive sentiment.
- Technical analyst Ali Martinez noted a "massive bullish breakout" in XRP's price.
- Over 1.10 billion XRP tokens were purchased in the past week, indicating significant accumulation.
- XRP has broken out of a bull pennant formation, suggesting potential further increases.
- If buying trends continue, XRP could reach new all-time highs of $10, surpassing the 2018 record of $3.40.
- The TD Sequential indicator has flashed a sell signal on the 4-hour chart, indicating a possible short-term correction.
Price Dynamics
- Another analyst, Dom, compared current price action to 2017, highlighting a fractal pattern indicating potential bullish movement.
- XRP has consolidated for about 30 days, with expectations of a breakout similar to past patterns.
- As of now, XRP has retraced to around $2.93, establishing this as support.
- The $3 mark remains a key resistance level not surpassed in over seven years, crucial for maintaining bullish momentum.
