On Wednesday, the price of XRP rose to its highest valuation in seven years, briefly reaching $3.02, recording significant gains of around 30% over the past two weeks.
This impressive performance stands in stark contrast to the broader cryptocurrency market, where major players like Bitcoin (BTC) and Ethereum (ETH) are struggling to maintain upward momentum.
The analyst highlights the “massive bullish breakout” for the XRP price
Analysts now expect the price of XRP and its upward trajectory to continue, driven by strong buying pressure and positive market sentiment seen over the past month.
It is worth noting that market expert and technical analyst Ali Martinez recently identified in a social media post on X (formerly Twitter) what he described as a “massive bullish breakout” for the XRP price.
According to According to Martinez’s analysis, on-chain data indicates a significant accumulation of XRP tokens, with more than 1.10 billion tokens purchased in the past week alone. This aggressive buying activity has created a sense of momentum, further supported by technical indicators.
Martinez also highlights that XRP price has broken out of a bull flag formation – a classic bullish pattern that indicates the potential for further price increases on the horizon.
The analyst posits that if the current buying trend continues, the price of XRP will likely reach all-time highs of $10, significantly exceeding the current record of $3.40 reached in 2018. However, not all indicators point to To complete success.
Martinez too Highlight The TD Sequential indicator, a popular tool among traders, has sent a sell signal on the 4-hour chart of XRP price, indicating that a short-term price correction may be imminent.
The critical obstacle to XRP’s continued bullish momentum
To add more optimism for XRP holders, another analyst known as Dom made comparisons between the current price action and the XRP price action in 2017.
Dom analysis Showing a striking fractal pattern, XRP spent 25 days in a consolidation phase before seeing a significant rally.
Currently, XRP has been consolidating for about 30 days, leading Dom to predict the possibility of a similar bullish breakout, which could lead 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 massive resistance level, representing a barrier that has not been crossed in over seven years. Overcoming this threshold will be crucial for XRP to maintain its bullish momentum and for traders to gain confidence in the altcoin’s long-term trajectory.
Featured image of DALL-E, chart from TradingView.com
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