XRP Price Eyes Breakout, TON Jumps 69%, Bollinger Finally Bullish on Bitcoin — Top Weekly Crypto News
TL;DR
XRP is poised for a potential breakout after three months of consolidation around the $1.45 to $1.47 resistance zone. Analysts suggest that a decisive move above $1.47 could lead to a significant upward surge, contingent on Bitcoin's momentum.
Key points
- XRP is coiling for a potential breakout
- Consolidation has lasted nearly three months
- Resistance is at $1.45 to $1.47
- Analysts expect a volatile move soon
- Bitcoin's momentum is crucial for XRP's rise
XRP finally coils for breakout
After three months of tight consolidation and repeated rejections at the $1.45 to $1.47 resistance zone, XRP is coiling for what analysts believe could be an explosive breakout.
After a brutal sell-off earlier in the year, XRP has spent the last quarter tightly consolidatingHence, some analysts believe that a violent, volatile move is essentially imminent. Prominent cryptocurrency analyst "Dom" (@traderview2) has said that XRP has been "going sideways for nearly 3 months now."
According to the analyst, a decisive market acceptance above the $1.47 level could trigger a rapid upward surge (provided Bitcoin (BTC) can actually supply the necessary bullish momentum for this to happen).
After a massive capitulation wick down to the $1.10 region in early February, XRP has established a sequence of higher lows. This is visually represented by the yellow ascending trendline acting as dynamic support.
TON Rockets 69% following Telegram integration news
Toncoin has continued to garner hype and optimism across the social space since the big Telegram news, pushing its price to substantially outperform all top 10 cryptocurrencies by market capitalization.
While the ongoing market resurgence has fueled a broad rally in the price of most crypto assets, Toncoin's price is growing at a remarkable pace, all thanks to a major development proposed by Telegram's founder, Pavel Durov.
Just recently, the founder and CEO of Telegram, Pavel Durov, sparked a market buzz after announcing plans to make Telegram replace the TON foundation.
The founder disclosed plans to significantly expand Telegram's role in the TON network, allowing it to become the network's largest validator.
Following the news, Toncoin has continued to garner significant traction, with its price surging from around $1.30 on May 3 to over $2.30 as of the time of writing.
The rapid price surge marks an increase of over 69% in the price of Toncoin in just about 3 days. Although the crypto market is experiencing a broad price rally, the explosive surge in TON's price is majorly attributed to the hype surrounding the big Telegram news.
Bollinger's model says 'buy' Bitcoin
Legendary technical analyst John Bollinger has turned bullish on Bitcoin (BTC) after the flagship coin reclaimed the $80,000.
The creator of the famed Bollinger Bands indicator took to X (formerly Twitter) to share that his trend model for the flagship cryptocurrency has turned positive.
Acting on this signal, Bollinger confirmed that his fund's "Tactica" program has initiated a new position and is now "fully invested" in BTC.
The vote of confidence is quite significant given the strong track record of accurate predictions that had been made by Bollinger. The recent price action might not be a mere dead-cat bounce after all.
Q&A
What is the current resistance level for XRP?
The current resistance level for XRP is between $1.45 and $1.47.
How long has XRP been consolidating before the potential breakout?
XRP has been consolidating for nearly three months.
What could trigger a rapid upward surge in XRP's price?
A decisive market acceptance above the $1.47 level, supported by Bitcoin's bullish momentum, could trigger a rapid upward surge.
