On Wednesday, the XRP price reached its highest valuation in seven years, briefly reaching $3.02 and marking a significant gain of nearly 30% over the past two weeks.
This impressive performance is in stark contrast to the wider cryptocurrency market, where major players such as Bitcoin (BTC) and Ethereum (ETH) have struggled to maintain upward momentum.
Analyst Highlights ‘Massive Bullish Breakout’ for XRP Price
Analysts are now predicting that the XRP price and its upward trend may continue, strong Buying pressure And positive market sentiment was observed during the last month.
In particular, market expert and technical analyst Ali Martinez recently identified in a social media post on X (formerly Twitter) what he describes as a “huge bullish breakout” for the XRP price.
according to For Martinez’s analysis, on-chain data shows a significant accumulation of XRP coins, with 1.10 billion tokens purchased in the past week alone. This aggressive buying activity has created a sense of momentum, further supported by technical signals.
Martinez further explained that the XRP price has broken out of a bull pennant formation – a classic bullish pattern that suggests further price increases may be on the horizon.
The analyst believes that if the current buying trend continues, the XRP price could potentially reach New all-time high of $10, which is significantly higher than the current record of $3.40 reached in 2018. However, not all indicators are pointing to continued success.
Martinez also highlighted That the TD Sequential Indicator, a popular tool among traders, has flashed a sell signal on the 4-hour chart for the XRP price, suggesting that a short-term price correction may be on the way.
Important obstacle to XRP’s continued bullish momentum
Adding to the optimism for XRP holders, another analyst known as Dom has drawn a comparison between the current price action and the XRP price in 2017.
of the dome analysis A striking fractal pattern shows, where XRP spent 25 days in a consistent phase before experiencing a significant rally.
Currently, XRP has been stronger For about 30 days, leading Dom to predict a similar bullish breakout, potentially leading to new all-time highs.
As of the latest trade, XRP has pulled back slightly to around $2.93, looking 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 seven years. Overcame it Threshold It will be important for XRP to maintain its bullish momentum and for traders to gain confidence in the altcoin’s long-term trajectory.
Featured image from DALL-E, chart from TradingView.com
