XRP, a crypto that’s had its fair share of troubles with United States regulators, has emerged as a potential dark horse in the digital assets market.
This digital asset, which has close ties to the blockchain firm Ripple Labs, has now formed its third consecutive weekly bullish candle against Bitcoin (BTC). In 2017, this kind of pattern has led to big price jumps. This development has sparked speculation, with some experts predicting that XRP price could be on the cusp of an 800% explosion.
Sustained Bullish Momentum Outpaces Bitcoin
The numbers tell the story. Over the last few weeks, the crypto has shown impressive performance against Bitcoin. The latest data reveals that XRP/BTC has recorded three green weekly candles in a row, which points to ongoing upward momentum. The XRP/BTC pair began at 0.00000755 BTC on July 8 and has risen to 0.00000932 BTC.
XRP has jumped 53.44% since July 8 going from $0.4047 to $0.621. Bitcoin, on the other hand, has gone up 22.54%, from $56,581 to $66,566.
This gap in performance shows how XRP is becoming more powerful as the 6th biggest cryptocurrency is now outperforming Bitcoin, the market leader.
Technical analyst Block Bull has highlighted on his YouTube channel XRP’s current pattern. It resembles the early phases of the 2017 bull run. The crypto saw a huge 800% jump after three straight bullish candles in that time. Block Bull points out that XRP’s present chart setup, with its recent string of green candles, mirrors this past pattern.
XRP’s bull run in 2017 happened in three stages. It first broke out against Bitcoin then kept going up, and shot up big in the third week. The price corrected after that, but XRP still ended up with a huge 400% gain. The way things look now seems like the crypto might be about to make another big jump.
As of now, XRP is trading at $0.6011, reflecting a 0.15% increase in the last 24 hours and a 25.80% rise over the past month. Despite these gains, the market faces significant hurdles, including historical resistance levels and market consolidation.
XRP Whale Activity Surges, Fueling Speculation
On top of the bullish sentiment, recent blockchain data shows XRP whales are getting more active.
Crypto analyst Ali Martinez recently highlighted that whales have acquired over 140 million XRP (worth $84 million) in the past week, according to data from Santiment. This significant accumulation indicates growing investor confidence in crypto’s potential for a long-awaited rally, following six years of consolidation.
This coincides with growing speculation about an upcoming closed-door meeting of the U.S. Securities and Exchange Commission (SEC), where discussions related to Ripple’s ongoing lawsuit are anticipated.
Pro-XRP lawyer Fred Rispoli recently stated that the SEC lawsuit against Ripple could conclude this month, potentially by July 13 or 31. Rispoli’s prediction follows Ripple’s recent filing for supplemental authority.
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