“With XRP making an emergence this week, bullish narratives have erupted,” crypto analysis firm Santiment wrote in a July 16 X post following on from several crypto commentators who shared bullish predictions about XRP on the social media platform. Some traders are optimistic that XRP is on track for significant growth, with one pseudonymous crypto trader, Crypto Michael, highlighting a bullish pennant pattern forming on XRP’s price chart over seven years. XRP has traded between a high of $0.71 and a low of $0.41 since January 1, showcasing significant volatility.
XRP’s current all-time high is $3.40, and some crypto commentators believe that the cryptocurrency is primed to reach new all-time highs this cycle. Warnings caution not to underestimate the key price point for XRP at $0.6649, with predictions of major price spikes once this level is breached. The recent surge in XRP’s price has also coincided with an increase in future traders entering new positions, with Open Interest for Bitcoin experiencing a significant 58% jump to $727.88 million over the past five days.
Article Source
