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Despite legal battles, XRP is in the middle of a bullish surge with a 40% price increase in the last week.
Technical indicators suggest XRP might enter a strong bull run if it breaks above key resistance levels.
According to Dark Defender, Breaking Above $0.6649 will trigger "God Candles" and "Heaven's Stairway" on XRP.
A weekly close above $0.58-$0.59 is crucial for sustaining XRP's upward trend.
According to Santiment, recent whale activity shows growing investor confidence in XRP's potential.
XRP has been through some bearish waves, considering the ongoing legal battle between Ripple Labs and the SEC.
So far, the cryptocurrency has spent most of the year below the $0.5 price level, to the frustration of its investors.
However, all of this is about to change.
Aside from XRP's massively bullish impulse towards the $0.6 level this week, an analyst has highlighted what he calls multiple "God candles" that might see the cryptocurrency enter a strong bullish rally from here.
Here’s what the analyst means.
Last week, on 14 July, the crypto analyst Dark Defender shared some exciting insights on XRP via Twitter.
In his tweet, the analyst mentioned that XRP is on the verge of a highly bullish price reversal, according to the Fisher Indicator on the weekly chart.
Based on this indicator, the analyst posited that XRP was poised to break through the initial price resistance around $0.4623.
XRP’s price prediction
Dark Defender even shared a chart of XRP's price movements, noting that the cryptocurrency was attempting to break above a critical Fibonacci level of around $0.5286.
He expressed a bullish bet on XRP closing above the week's candlestick around the $0.53 price mark.
XRP’s price
True to his words, XRP closed above this $0.53 price level and is trading around $0.61 at the time of writing, with a 12% price increase on the daily timeframe and a 40% price increase on the weekly timeframe.
However, it gets even better.
Dark Defender went further to mention that the next price resistance for XRP after breaking above $0.53 would be the $0.6044 level—a resistance the cryptocurrency has also broken at the time of writing.
The analyst also mentioned that if the cryptocurrency travels higher, another fundamental support is around $0.6649.
XRP flying towards $0.6649
Keep in mind that an XRP rally from current price levels to $0.6649 would be a 7% price increase.
If we see a break above $0.6649, XRP's price would trigger several "God Candles," followed by more sharp price increases and opening up what he calls "Heaven’s Stairway.”
Another analyst, The Great Mattsby, also shared in a more recent post on 16 July that the cryptocurrency was nearing a critical resistance zone around $0.58 to $0.59.
The analyst also mentioned that closing above this price level on the weekly timeframe is crucial for sustaining the cryptocurrency's upward momentum and fully starting the next bull run.
This goes without mentioning the recent insights from Santiment, which showed that the whales are rapidly scooping up XRP tokens.
Whales scooping up XRP.
Source: Santiment
Santiment notes that these whales have added around 300 million XRP to their holdings between 12 and 15 July, which signals a great deal of interest on their part and an explanation for why the cryptocurrency has suddenly turned bullish.
Overall, the key takeaway from the analyst opinions is that XRP has to break above $0.6044 and $0.6649 to establish its position as a bullish cryptocurrency.
However, cryptocurrency's future will depend largely on its ability to sustain its price above these crucial levels before the bears catch up and do some damage.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.