Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Scott Melker, one of the most prominent traders, has joined the list of market analysts who believe that the XRP cryptocurrency could be on the cusp of another major rally.
"Have not looked at this chart in ages, but it is in a REALLY interesting spot here. 4th touch of descending resistance here on the weekly. Rejection likely, but a breakout has this flying... worth watching, regardless of your feelings towards the token," Melker said in a post on the X social media network.
As reported by U.Today, the XRP cryptocurrency could be on the cusp of a potential Bollinger squeeze after a period of low volatility.
Gamza KhanzadaevMoreover, recent analysis suggests that the Ripple-affiliated cryptocurrency could also continue gaining ground against Bitcoin. XRP has managed to decisively decouple from the crypto king by recording a 60% gain in roughly two months and bucking the broader trend.
According to CoinGecko data, XRP is up 3.3% over the last week, outperforming other cryptocurrencies within the top 10. The cryptocurrency is currently trading at $0.627. The Ripple-linked cryptocurrency is valued at a whopping $35 billion, which makes it the sixth biggest cryptocurrency by market cap.
The next altcoin rally?
In the meantime, CryptoQuant CEO Ki Young Ju claims that whales are prepared for the next altcoin rally.
This assumption is based on the fact that limited buy orders for altcoins are actually increasing. This indicates that strong buy walls are now in the process of being set up.
Bitcoin's market dominance recently reached its highest level since 2021, climbing to nearly 53%.
Arman Shirinyan
Dan Burgin