Ripple (XRP) Price Soars Almost 30% Weekly: ‘God Candles’ Incoming?

TL;DR

• 
  XRP
  saw
  a
  notable
  price
  increase
  recently,
  outperforming
  major
  cryptocurrencies.
• Certain
  analysts
  predict
  additional
  gains
  if
  the
  asset
  maintains
  key
  resistance
  levels.

Is
XRP
Poised
for
Further
Gains?

The
cryptocurrency
sector
experienced
a
significant
rally
in
the
past
few
days,
with
its
global
market
capitalization
surpassing
the
$2.4
trillion
mark
(per
CoinGecko’s
data).
Many
of
the
leading
digital
assets,
including
Bitcoin
(BTC),
Ethereum
(ETH),
and
Solana
(SOL),
are
well
on
the
green
on
a
weekly
scale. 

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Ripple’s
XRP
is
also
among
the
notable
gainers,
outperforming

the
aforementioned

after
registering
a
27%
price
increase
for
that
period.

According
to
some
industry
participants,
this
is
just
the
starting
point
of
a
substantial
bull
run
for
the
asset.

The
X
user
Dark
Defender
is
among
the
optimists.
They

noted

that
XRP
broke
the
“initial
resistance
level”
of
$0.46,
envisioning
a
further
increase
should
it
close
the
week
above
$0.53,
and
the
asset
was
very
close
to
that
level
on
Sunday
evening.

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

“Above
it,
we
can
expect
multiple
God
Candles,
which
will
open
the
path
to
Heaven’s
Stairway,”
the
analyst
predicted.

On
the
other
hand,
some
traders
touched
upon
the
opposite
scenario.
The

popular

X
user
Crypto
Tony

outlined

XRP’s
rally
in
the
last
few
days,
saying
that
a
possible
“hard
rejection”
in
the
following
months
would
provide
the
chance
to
enter
the
ecosystem
with
a
short
position. 

What
Could
Have
Fueled
the
Rally?

One
factor
potentially
contributing
to
XRP’s
impressive
recent
performance
could
be
a
historic
pattern
formed
on
its
price
chart.
As


CryptoPotato

reported,
the
pattern
in
question
included
the
Bollinger
Bands
metric
–
a
technical
tool
used
by
analysts
to
gauge
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
case
signals
fewer
fluctuations,
which
could
be
a
precursor
for
a
violent
move
in
any
direction.

One
X
user

noted

that
the
bands
were
quite
tight
last
week,
reminding
that
this
condition

was
followed

by
a
price
explosion
of
60,000%
in
the
past.

Another
element
could
be
the
developments
surrounding
the
case
between
Ripple
and
the
US
Securities
and
Exchange
Commission
(SEC)
and
the

rising
expectations

of
an
outcome
in
the
following
weeks.
The
American
attorneys
Fred
Rispoli
and
Jeremy
Hogan

believe

the
lawsuit
may
officially
end
as
early
as
this
summer.

The
legal
battle
is
currently
in
its
trial
phase,
meaning
a
resolution
could
be
announced
at
any
time.
However,
due
to
the
complexity
of
the
process
and
possible
appeals
from
both
sides,
it
may
be
prolonged
indefinitely.