Key Takeaways
- The crypto bull market evokes 2020 vibes as XRP eyes a potential 4x rally towards $12.
- Overall market sentiment for the XRP price remains bullish, following bullish price dominance over the past few days.
- Fundamental and technical indicators prove bullish moves for XRP price as whales step in.
The cryptocurrency market is currently abuzz with excitement following recent price action from Bitcoin, which reached a new historical high of $123,000, and the prices of altcoins, including XRP, are rallying. The price of XRP broke its 5-month price range, trading around $3 at the time of writing.
XRP’s price has rallied by over 38% in the last seven days, reclaiming its third spot in the crypto market capitalization above Tether with over $177 billion as the third-largest crypto asset, as the price looks set for a potential price rally to new all-time highs.
Related Read – XRP Price Prediction for July – Are Bulls Eyeing $3 Resistance?
Crypto experts and analysts are currently speculating a potential price rally for XRP towards $5 as a new base point, with strong speculation suggesting a 4x to 5x price rally, considering the crypto market is exhibiting some signs of a 2020 bull market rally.
XRP Price Sentiment – Crypto Market Gives 2020 Bull Vibes
The crypto market has been looking increasingly bullish over the last few days, following a strong breakout by the Bitcoin price to the upside, as top crypto assets have also performed well. A recent price rally has been missing for months, as crypto assets, including BTC, have seen a significant price decline.
But with the crypto market rebounding from key demand zones and trading to potential new highs for altcoins and BTC reclaiming new highs daily, crypto experts are speculating a potential replica of BTC bullish rally of 2020 as this could see BTC price rally by over 4X and altcoins including XRP price rally higher trading above $12.
Crypto expert Chad Steingraber has speculated that the potential for XRP’s price to trade 4-5X cannot be ruled out, given the strong fundamental news in the past few months that could influence its price to a new high. However, the price has struggled to stay above its 5-month price range.
Following a clear market breakout and rally, the price of XRP appears ready for a strong market run, as bull and crypto investors are developing a strong interest in one of the top crypto assets that has garnered significant attention in recent months.
XRP Price Analysis – Why is Price Up Today
XRP Bullish Rally – Source TradingView
XRP’s price has demonstrated strong bullish strength following its breakout from a long consolidation zone, despite facing rejection on several occasions. The price of XRP appears set for a potential rally to $4 and possibly $5 in the coming weeks.
Following the strong price breakout by XRP, the price has formed a support zone above $2.6, flipping this previously resistant area into support. This development has sparked strong bullish activity, which could push its price back to the top of $4 and above.
The current price action for XRP remains bullish, as the price would look to buy until a clear market structure shift to the downside is evident, with bulls remaining dominant in the current price action.
