Amidst the highly speculative lawsuit between Ripple and the United States Securities and Exchange Commission (SEC), XRP seemed to leverage the positive development around the court proceedings to showcase remarkable trends that saw the coin attain significant milestones in the past few weeks.
In the latest development, XRP reportedly recorded its highest weekly close in over a year, attracting more potential investors to the cross-border platform; following the impressive new feat achieved by XRP, renowned crypto and blockchain analysts have pinpointed unique signals in XRP’s charts, which indicate that the token’s massive rally is imminent.
Read Also: Lawyer Shares Supreme Court Document Proving XRP Isn’t a Security “Outside Its Initial Contract”
XRP to Skyrocket Once It Clears The Resistance At $0.58
360Trader, a pseudonymous owner of 360Trader LLC revealed to his 201k followers that XRP ascension is real, noting that the bear market will not significantly impact the asset’s price surge.
360Trader tweeted, “$XRP – the ascension is real – a resistance pop and off we go! What’s in your wallet?”
$XRP – the ascension is real – a resistance pop and off we go! What's in your wallet?https://t.co/SIOWWNqsPS pic.twitter.com/lIBy1E5RdO
— 360Trader (@360_trader) June 4, 2023
360Trader made his assertion known by sharing XRP’s weekly chart, in which XRP cleared off the resistance point at $0.50 market cost. It is worth noting that XRP’s close for the week already conquered the $0.50 territory with a last resistance point at the $0.58 price mark. Currently, XRP leaves only one resistance below the $0.60 region.
In addition, 360Trader stressed that XRP must break the $0.58 resistance, which seemed to have hindered the asset’s ascension in price. Per the 360Trader LLC owner, XRP would spike once it clears the resistance at $0.58.
360Trader’s view appears to align with that of prominent crypto analyst Egrag, who noted that $0.52 and $0.58 are crucial points for XRP if the coin hopes to pump.
Notably, the $0.58 resistance point was the same impedance that halted XRP’s spike on March 29 as the coin continued to decline after it attained the $0.5850 price.
Read Also: Top Trader Says XRP Is Ready For another Leg Up That Will Outperform Bitcoin. Here’s the Target
Implication Of The Highest Weekly Close
In another discovery, CryptoBull, a popular crypto analyst, who shared a similar sentiment to that of Egrag and 360Trader, has recently disclosed that XRP achieved its highest weekly close 55 weeks ago.
#XRP put in the highest weekly close in 55 weeks today. https://t.co/NESyf4bRRR
— CryptoBull (@CryptoBull2020) June 5, 2023
CryptoBull shared an XRP chart showcasing $0.5359, an amount XRP closed in on last week. Stressing further, CryotoBull noted that the last time XRP attained the feat of closing a week with the $0.5359 selling price was in May 2022, removing the fierce resistance XRP had always faced at $0.50.
XRP’s Launchy-Looking Setup
A Twitter user and a crypto trader who goes by the username, TheFlowHorse, pinpointed XRP’s predilection for a rally. The crypto trader noted the cross-border crypto Launchy-looking setup while commenting on the XRP spot market that seems to deviate from the usual behavior.
Not really looking at a whole lot of charts lately, but not gonna lie, between the weird spot bid and the launchy looking setup I think I need to start twap’ing $XRP
— HORSE (@TheFlowHorse) June 2, 2023
In addition, TheFlowHorse disclosed his plans to TWAP XRP henceforth. Notably, TWAP stands for Time-Weighted Average Price, and it is a technique that traders adopt to execute orders over a specified duration. TWAP aims to attain an average price close to the market standard during that period.
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