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- The triangle pattern has boosted XRP by 13%, indicating potential bullish action.
- The XRP futures market shows strong bullish sentiment, with significant increases in futures bets and trading volumes, suggesting a potential historic breakout as noted by traders and analysts.
As recently reviewed in the CNF report, CME Group and CF Benchmarks announced indices and reference rates for XRP, playing an important role in boosting institutional adoption for XRP. It is suggested that a triangle pattern has built on long-term price charts, which some popular traders say could favor bullish action in the coming weeks.
A member of the crypto community and trader, Crypto Michael, enthusiastically shared his view in a tweet, stating that in all his years of trading crypto, he has never seen a 7-year-long bull pennant. He suggests an XRP historic breakout is incoming and that we might be about to witness one of the most significant breakouts in crypto history.
$XRP Historic Breakout Incoming 📈
In all my years of trading crypto I have NEVER seen a 7 year long bull pennant
We might be about to witness one of the most significant breakouts in crypto history pic.twitter.com/X4H5otlcAM
— Crypto Michael (@MichaelXBT) July 17, 2024
Earlier, Alex Kuptsikevich, FxPro senior market analyst, said that despite the recent high, XRP might need to rest after the climb due to extended consolidations observed in November-December and March. Kuptsikevich noted that,
XRP has been performing worse than the market for a long time, but the reversal of sentiment in crypto has sparked a rise on steroids in the once-largest altcoin. On the latest bounce, the price rose to 60 cents, its highest since April. This is an attempt to jump back into the uptrend of the past two years
The XRP Futures Market Boosts XRP by 13%
According to CoinGlass data, XRP futures racked up above $780 million in bets as of Wednesday, up from $420 million on July 9, reaching levels last seen in mid-April. Additionally, trading volumes for the token have surged from $2 billion to $3.6 billion in this period, CoinGecko data shows.
Amid the current market sentiment and emerging trends, according to today’s Coin Market Cap data, Ripple (XRP) is trading at a high of $0.6142, a significant increase of 12.50% in the past day and 39.14% in the past week. This reiterates the previous CNF post on Ripple’s XRP surging 30% in 7 days, suggesting a bargain opportunity still available and fitting the narrative of the triangle pattern boosting XRP by 13%. See the XRP price chart below.
