‘Dead’ XRP Price Pumps 40%: Historic Breakout Not Seen in 7 Years Could Spike Major Ripple Rally
The price of XRP has been considered dead by many in the crypto community. We have seen many people dump their holdings for other coins they consider more active or profitable. This is because Ripple’s XRP has been lagging compared to other altcoins.
However, the price has been showing signs of recovery lately. Moon Lambo, a crypto analyst with more than 100k followers on X, noted that the price has increased by around 40% in the last 7 days.
Moon Lambo mentioned the turnaround in XRP’s performance, pointing out that the once ‘dead’ cryptocurrency has now climbed back to $0.60. This represents a 38% increase in just one week, coinciding with a surge in small-cap stocks. The correlation between these market movements suggests a potential for further growth in XRP’s value.
The crypto analyst emphasized the possibility of XRP reaching an all-time high and entering price discovery territory if the current trend continues. Moon Lambo also reminded investors of the rapid nature of such price movements, suggesting that previous market fluctuations may become irrelevant in the face of a major rally.
Technical Analysis Points to Historic Rally: XRP Price Prediction
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Technical analysis supports the optimistic outlook for XRP. Crypto Michael, a respected analyst in the space, shared an observation about XRP’s chart pattern. He pointed to the formation of a 7-year-long bull pennant, which he said he had never seen before in his years of crypto trading.
This chart pattern has made Crypto Michael suggest that we might be about to see one of the most significant breakouts in crypto history. The extended duration of this pattern adds weight to the potential impact of a breakout, should it occur.
Captain Faibik has drawn attention to the current efforts of XRP bulls to breach a critical trendline resistance on the weekly timeframe chart. He emphasizes the potential for an epic pump once this breakout occurs.
According to Captain Faibik’s chart analysis, a successful break above the trendline resistance could propel XRP’s price to around $2.5, a 300% increase from current levels.
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