Ripple (XRP) Price Rises Almost 30% Weekly: ‘God Candles’ Coming In?

TL;DR

XRP saw a remarkable increase in price recently, outperforming the major cryptocurrencies. Some analysts predict further gains if the asset holds key resistance levels. Is XRP ready for more gains?

The cryptocurrency sector experienced a significant upswing in recent days, with its global market capitalization surpassing the $2.4 trillion mark (according to CoinGecko data). Many major digital assets, including Bitcoin (BTC), Ethereum (ETH) and Solana (SOL), are doing well on a weekly basis.

Ripple’s XRP is also among the notable gainers, outperforming the aforementioned after posting a 27% price increase over the period.

XRP Price, Source: CoinGecko

According to some industry participants, this is just the starting point of a substantial bull run for the asset. X user Dark Defender is among the optimists. They noted that XRP broke the “initial resistance level” of $0.46, predicting a further rise should it close the week above $0.53, and the asset was very close to this level sunday evening

Dark Defender said that XRP would test the “mid level” resistance of $0.6044 this week and may later challenge the “master fundamental level” of $0.6649.

“Above this, we can expect multiple candles from God, which will pave the way to the ladder of heaven,” the analyst predicted.

On the other hand, some traders played the opposite scenario. Popular X user Crypto Tony described XRP’s rally in recent days, saying a possible “hard rejection” in the coming months would provide an opportunity to enter the ecosystem with a short position.

What could have fueled the rally?

One factor that may be contributing to XRP’s impressive recent performance could be a historical pattern formed in its price chart. As CryptoPotato reported, the pattern in question included the Bollinger Bands metric, a technical tool used by analysts to measure 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 indicates less fluctuation, which could be a precursor to a violent move in either direction .

An X user noted that the bands were quite tight last week, recalling that this condition was followed by a 60,000% price explosion in the past.

Another element could be the evolution of the case between Ripple and the US Securities and Exchange Commission (SEC) and the growing expectations of an outcome in the following weeks. US Attorneys Fred Rispoli and Jeremy Hogan believe the lawsuit may officially end this summer.

The legal battle is currently in a trial phase, meaning a resolution could be announced at any time. However, due to the complexity of the process and the potential resources of both parties, it can be extended indefinitely.

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