On Wednesday, the price of XRP soared to its highest valuation in seven years, briefly reaching $3.02 and marking a massive gain of nearly 30% over the past two weeks.
This impressive performance is completely different from the general ones cryptocurrency market, where major players such as Bitcoin (BTC) and Ethereum (ETH) have struggled to maintain upward momentum.
Analyst Reveals 'Massive Bullish Breakout' For XRP Price
Analysts now predict that the price of XRP and its upward trajectory may continue, driven by strong purchase pressure and positive market sentiment seen last month.
In particular, market expert and technical analyst Ali Martinez recently pointed out in a social media post on X (formerly Twitter) what he calls a “big bullish breakout” for the price of XRP.
according to to Martinez's analysis, on-chain data shows a massive accumulation of XRP coins, with more than 1.10 billion tokens purchased in the past week alone.
Martinez further highlights that the price of XRP has broken out of a bull pennant formation – a classic bullish pattern that suggests more price increases may be on the horizon.
The analyst maintains that if the current buying trend continues, the price of XRP could reach new promotions all the time of $10, well above the current record of $3.40 that will be reached in 2018. However, not all signs point to unmitigated success.
Martinez too has been identified that the TD Sequential indicator, a popular tool among traders, has flashed a sell signal on the 4-hour chart for the price of XRP, suggesting that a short-term price correction may be imminent.
The critical hurdle for XRP's continued Bullish momentum
Adding to the hope for XRP holders, another analyst called Dom has compared the current price action to the price of XRP in 2017.
Dom's analysis shows an amazing fractal pattern, where XRP spent 25 days in a consolidation phase before experiencing a massive rally.
Today, XRP has been there confirming for about 30 days, leading Dom to predict that a similar bullish breakout could follow, potentially leading to new all-time highs.
As of the latest trade, XRP has retreated slightly to around $2.93, trying to establish this level as support for future gains.
However, the $3 mark remains a strong resistance level, representing a barrier that has not been crossed in more than seven years. Getting over this threshold It will be crucial for XRP to maintain its supportive momentum and for traders to gain confidence in the altcoin's long-term trajectory.
Featured image from DALL-E, chart from TradingView.com
