thecryptobasic.com
A prominent technical analyst recently observed promising signs that XRP is “cooking something” and gearing up for a significant uptrend as bulls return.
The crypto market has seen a major boost in bullish sentiment over the past few days. Some top altcoins have reclaimed fresh new highs for the month amid Bitcoin’s successful attempt at the $64K threshold.
Specifically, Bitcoin retested the $64K level yesterday for the first time since last month. The bull momentum from this move had a far-reaching effect on previously underperforming altcoins like XRP, Solana, and Ethereum.
For instance, Ethereum reclaimed the long-lost $2,550 level, while Solana re-entered the $150 region. Likewise, XRP, which initially traded at a low of $0.577, rallied up to $0.591 on Friday.
However, this level was not notably consequential, as XRP had traded at even higher price levels last week. Essentially, XRP benefited only slightly from the Bitcoin-led pump on Friday.
Meanwhile, some top analysts believe that XRP may be setting the stage for a more significant move, pointing to developing chart patterns.
XRP Bullish Potential
In a recent post on X, a widely followed technical analyst, “The Dude,” highlighted that as the altcoin market booms, even XRP, which often lags in bull runs, is “cooking something.” This suggests that XRP could soon see improved performance.
Accompanying his analysis was a weekly candlestick pattern for XRP, showing a tightening range. The compressing candlesticks indicate that a breakout from this narrowing pattern could be imminent.
Notably, this analyst rarely comments on XRP price movements, as he last analyzed XRP in 2023. His recent statement that “even XRP is cooking something” signals growing confidence in XRP’s potential for a bullish breakout alongside the broader altcoin market.
While Altcoins Are Expected to Continue Uptrend
The market is expected to remain bullish for the coming days amid the U.S. FED’s latest decision to significantly cut interest rates for the first time in four years, making risk assets appealing to investors.
The move sent Bitcoin significantly above the $60K level, and some analysts believe a $70K range is on the cards. Bitcoin’s creation of a new all-time high would notably help altcoins like XRP perform.
Other Analysts Forecasting XRP Bull Run
Notably, “The Dude” is not the only analyst who has gained confidence in an XRP bull run based on chart formation.
In a separate trend, analyst Mikybull labeled XRP’s current price structure a “technical time bomb.” He compared it to the 2017 market behavior to argue for a potential massive rally ahead. However, he offered no insight into potential targets.
Meanwhile, analyst JayDee recently highlighted that XRP’s Bollinger Bands are narrowing more than ever. He cited the 65,000% price surge seen the last time a similar tightening pattern surfaced. However, JayDee noted that a price surge of around 1,000% is more realistic for XRP.