Ripple (XRP) Price Soars Almost 30% Weekly: ‘God Candles’ Incoming?
TL;DR
- XRP saw a notable price increase recently, outperforming major cryptocurrencies.
- Certain analysts predict additional gains if the asset maintains key resistance levels.
Is XRP Poised for Further Gains?
The cryptocurrency sector experienced a significant rally in the past few days, with its global market capitalization surpassing the $2.4 trillion mark (per CoinGecko’s data). Many of the leading digital assets, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), are well on the green on a weekly scale.
Ripple’s XRP is also among the notable gainers, outperforming the aforementioned after registering a 27% price increase for that period.
According to some industry participants, this is just the starting point of a substantial bull run for the asset. The X user Dark Defender is among the optimists. They noted that XRP broke the “initial resistance level” of $0.46, envisioning a further increase should it close the week above $0.53, and the asset was very close to that level on Sunday evening.
Dark Defender said XRP would test the “mid-level” resistance of $0.6044 this week, and later, it can challenge the “master fundamental level” of $0.6649.
“Above it, we can expect multiple God Candles, which will open the path to Heaven’s Stairway,” the analyst predicted.
On the other hand, some traders touched upon the opposite scenario. The popular X user Crypto Tony outlined XRP’s rally in the last few days, saying that a possible “hard rejection” in the following months would provide the chance to enter the ecosystem with a short position.
What Could Have Fueled the Rally?
One factor potentially contributing to XRP’s impressive recent performance could be a historic pattern formed on its price chart. As CryptoPotato reported, the pattern in question included the Bollinger Bands metric – a technical tool used by analysts to gauge volatility.
It provides a visual framework for traders to identify trends and potential reversals. The width of the indicator’s bands also indicates market volatility: wider bands suggest higher volatility, while the opposite case signals fewer fluctuations, which could be a precursor for a violent move in any direction.
One X user noted that the bands were quite tight last week, reminding that this condition was followed by a price explosion of 60,000% in the past.
Another element could be the developments surrounding the case between Ripple and the US Securities and Exchange Commission (SEC) and the rising expectations of an outcome in the following weeks. The American attorneys Fred Rispoli and Jeremy Hogan believe the lawsuit may officially end as early as this summer.
The legal battle is currently in its trial phase, meaning a resolution could be announced at any time. However, due to the complexity of the process and possible appeals from both sides, it may be prolonged indefinitely.
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