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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%.
Denys Serhiichuk