XRP has outperformed the broader crypto market, driven by its undervalued RSI and increased interest from large investors.
In the past 24 hours, XRP’s price has surged, reaching a three-month high. This spike is attributed to its undervalued status over the year and renewed interest from large investors, often referred to as whales.
On July 17, XRP’s price jumped by nearly 7% to $0.618, its highest level in three months, despite concerns about the ongoing Mt. Gox reimbursements. From its local low of $0.381 on July 5, the XRP/USD pair has climbed by about 62.20%.
Interestingly, the broader crypto market has not matched XRP’s performance, rising only about 24.50% in the same period. XRP/USD is still down 1.71% year-to-date compared to the crypto market’s 40% returns. This suggests that XRP holders could benefit significantly from this rally, especially with the potential for interest rate cuts in September.
Growing Retail Interest in XRP
According to Google Trends, internet searches for “XRP” have increased since June, reaching a three-month high as of July 17. This uptick in online interest, coupled with the rising price, indicates that more retail investors are paying attention to XRP’s market performance.
These conditions mirror XRP’s previous rallies in February-March 2024 and October-November 2023, which also saw increased internet searches for “XRP.”
In addition, there’s been a noticeable increase in the number of retail investors, known as “fishes,” holding between 100 and 1,000 XRP tokens.
Bullish Sentiment Among Analysts
Crypto analysis firm Santiment noted in a July 16 post on X that bullish narratives around XRP are gaining traction. Several crypto commentators have shared optimistic predictions about XRP on social media.
Pseudonymous crypto trader Crypto Michael highlighted a rare bullish pennant pattern on XRP’s price chart, which has been forming over seven years. He described this pattern as a consolidation within a triangle following a strong upward movement, suggesting a potential historic breakout for XRP.
“In all my years of trading crypto, I have NEVER seen a seven-year-long bull pennant,” Crypto Michael emphasized, underscoring the significant potential of XRP’s current market setup.
Summary Review: XRP’s recent price surge highlights its potential to outperform the broader crypto market. Factors such as its undervalued status, renewed interest from large investors, and increased attention from retail investors are driving its upward momentum. With a significant rise in internet searches and positive sentiment from crypto analysts, XRP is positioned for a potentially historic breakout. As the market anticipates possible interest rate cuts in September, XRP holders could be well-placed to benefit from these favorable conditions.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
