XRP has been one of the best-performing crypto assets amidst the market recovery this week after briefly hitting $0.62, a level last seen in March.
XRP has demonstrated a remarkable recovery after recording over 40% gains in the past week, driven by a broader market surge. In just the past day alone, the sixth-largest crypto by market cap surged nearly 15%, signaling strong investor confidence and heightened trading activity.
New ATH for XRP?
According to the latest analysis by on-chain analytic platform Santiment, the trader sentiment closely mirrored recent price movements, with XRP at the forefront of the market’s bullish narratives.
An expert’s analysis suggests that XRP could potentially be on the brink of a “historic breakout,” with the potential to set a new precedent in the market. In a tweet, pseudonymous crypto trader Crypto Michael noted that XRP has been forming a bullish pennant pattern for a staggering seven years. This phenomenon is rarely seen, and such an extended consolidation period could lead to a significant breakout.
Another crypto analyst observed a crucial moment for XRP, noting that it has broken the Relative Strength Index (RSI) resistance level, a key indicator that previously initiated an explosive rally in 2017. This technical breakout also suggests that the crypto asset could be poised for another significant upward movement.
Following the recent price action, many traders and investors closely watching XRP’s next moves, anticipating the possibility of another remarkable rally. Meanwhile, a crypto commentator ‘Amonyx’ believes that the crypto asset is going to hit a new ATH this cycle.
Majority of XRP Futures Bets are Long
Data from Coinalyze revealed that more than 61% of the XRP futures bets placed in the last 24 hours are long positions as opposed to nearly 39% of shorts, predicting price gains.
The open interest on futures tracking XRP has increased significantly and currently stands above $753.65 million. The trading volume also rose by 45.41% to $3.52 billion at the time of writing. Hence, the combined increase of OI and trading volume essentially pointed to new money flowing into the market, anticipating a rise in XRP’s value.
