Six years after clinching its all-time high of $3.40, experts say XRP is inching its way to setting a new trading record following a streak of bullish narratives over the last week.
According to a Santiment report on X (formerly Twitter), XRP is basking in the highs of several positives that have sent the asset to double-digit highs over the last week. Among the top large-cap cryptocurrencies, XRP gained the most value over the last week, climbing by 35% to $0.60%.
XRP’s gains sharply contrasted with other leading assets like Cardano (ADA), sparking whispers that the token could set a new all-time before the end of the bull run.
“Trader sentiment is following the price action. With XRP making an emergence this week, bullish narratives have erupted,” wrote Santiment. “On the other end of the spectrum, Cardano is seeing the most bearishness in over a year.”
On July 10, XRP traded sideways at $0.43, pundits pinning the asset’s meteoric rise on positive trader sentiments. A string of fundamentals contributed to the rally, but a slew of technicals confirmed the whispers that XRP is on course to breach its previous all-time high, which it set in 2018.
Analysts are pegging their theories on a bullish pennant pattern on XRP’s seven-year chart, hinting at a “historic break out” in the coming months. Per the charts, XRP’s price has undergone a lengthy consolidation period, with traders bracing for a breakout above the pennant’s upper trendline.
“In all my years of trading crypto, I have NEVER seen a 7-year-long bull pennant,” said Crypto Michael on X. “We might be about to witness one of the most significant breakouts in crypto history.”
Other analysts are watching the $0.66 price point as a key fundamental level for the asset expected to birth “multiple God Candles” for an explosive price rally. Since the surge, futures traders have taken positions amid sky-rocketing trade volumes over the last week.
An end to a long-drawn-out legal battle is in sight
Since 2020, Ripple Labs has been embroiled with the US Securities and Exchange Commission (SEC) over the alleged sale of securities to investors without the regulator’s approval. After a 2023 decision that appeared to settle the issue in favor of Ripple Labs, the issue of a sale to institutional investors remains unresolved.
“We expect resolution very soon but can’t predict when the judge will rule there,” said Ripple Labs CEO Brad Garlinghouse.
The Ripple executives are keeping mum on whether they are in talks with the SEC for a settlement on the matter, but Garlinghouse’s latest interview with Bloomberg hints at an end in sight.
