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XRP Price Confirms Early Stages Of Bull Market? Data Sheds Light On Recent Rally

Reynaldo Marquez
Reynaldo Marquez
Last Updated: June 11, 2024 8:00 am
3 mins read
Ripple XRP price XRPUSDT Crypto

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Volatility is back in the crypto market as the XRP price and the price of other major cryptocurrencies trend to the upside and into new year highs. The cryptocurrency is heading towards its next resistance level with a high chance of

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As of this writing, the XRP price trades at $0.57, with a 9% increase in the last 24 hours. The cryptocurrency recorded a 16% spike in the previous seven days and closely followed Bitcoin and Ethereum’s price action, which recorded a 22% and 16% profit over the same period.

XRP Price XRPUSDT Ripple Crypto
XRP’s price trends to the upside on the daily chart. Source: XRPUSDT on Tradingview

XRP Price On Its Way To Next Critical Level

According to an XRP trader on social media platform X, the token’s price exceeded the critical resistance level of $0.528. The analyst claims that there is a high chance that the XRP will rise close to $0.60 in the short term.

In that sense, the trader believes that $0.66 will operate as the next critical resistance level based on the chart below. The analyst compared the current XRP price with the 2017 bull run.

XRP Price XRPUSDT Ripple Crypto
XRP’s potential to emulate the 2017 bull run. Source: Dark Defender on X

The chart shows that during the 2017 run, XRP closed above the weekly Ichimoku Cloud, a level used to gauge critical resistance and support levels. Once the token broke above that level, it could quickly fall into new highs and price discovery.

The analyst stated the following about the XRP price and its potential to continue its run:

This is not a warning or financial advice, but I would like to share it with you and emphasize how close we are after this weekly close. It seems the weekly Ichimoku close will be above the clouds, and it only happened before the 2017 run and 2021. When it happens, it happens. Be Ready.

Crypto Market Poised For Further Highs

A report from Bitfinex Alpha corroborates the market susceptibility to “new narratives.” In particular, the potential approval of a spot Bitcoin Exchange Traded Fund (ETF) in the US.

As the XRP price and the market continue to rip higher, volatility in the sector is likely to remain high. As seen on the chart below, the crypto has been inching higher and higher with each volatility event (the potential approval of a Bitcoin ETF was the most recent.

Ripple XRP XRPUSDT XRP price
The crypto market reacts to the ETF narrative with a spike in volatility. Source: Bitfinex Alpha

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In addition, the crypto research firm points to an increase in on-chain activity, which has historically supported higher prices for the sector:

On-chain activity also continues to support the conclusion that higher volatility is here to stay and that it will grow in the coming months. Our analysis of Spent Output Age Bands (SOAB), which track the age of coins when they’re spent, and in particular the “age bands” of UTXOs that are most active, we can discern which group of investors is predominantly influencing market changes. For instance, if the UTXOs aged between three and five years show significant activity, it implies that investors who have held their positions for that time span are the primary movers in the market at that juncture.

Cover image from Unsplash, charts from Bitfinex Alpha, Dark Defender, and Tradingview

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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