XRP Is “Cooking Something” and Gearing up for a Significant Uptrend as Bulls Return, Prominent Analyst Observes

The crypto market has seen a major boost in bullish sentiment over the past few days. Some top altcoins have reclaimed fresh new highs for the month amid Bitcoin's successful attempt at the $64K threshold.

A recent observation by a prominent technical analyst suggests that XRP might be preparing for a significant uptrend as promising signs indicate a brewing bull run for the cryptocurrency.

Fresh New Highs for Top Altcoins

The crypto market has witnessed a surge in bullish sentiment over the past few days, with several top altcoins reaching fresh new highs for the month. This rally comes as Bitcoin successfully retests the $64K threshold.

Among the top altcoins, Bitcoin retested the $64K level yesterday for the first time since last month, triggering a wave of bullish momentum that impacted even previously underperforming altcoins like XRP, Solana, and Ethereum.

For instance, Ethereum managed to reclaim the long-lost $2,550 level, while Solana re-entered the $150 region. Similarly, XRP, which began the day at a low of $0.577, rallied to reach $0.591 by Friday.

However, this level proved to be largely insignificant, especially considering that XRP had already traded at even higher price levels last week. As a result, XRP benefited only to a limited extent from the Bitcoin-led pump on Friday.

Promising Signs for XRP Bull Run

Some top analysts, however, are convinced that XRP may be setting the stage for a more substantial move, as evidenced by developing chart patterns.

In a recent post on X, a widely followed technical analyst, “The Dude,” highlighted that as the altcoin market booms, even XRP, which often lags in bull runs, is “cooking something.” This suggests that XRP could soon see improved performance.

Accompanying his analysis was a weekly candlestick pattern for XRP, showing a tightening range. The compressing candlesticks indicate that a breakout from this narrowing pattern could be imminent.

It's also worth noting that this analyst rarely comments on XRP price movements, having last analyzed it in 2023. His recent statement that “even XRP is cooking something” signals growing confidence in XRP’s potential for a bullish breakout alongside the broader altcoin market.

While Altcoins Are Expected to Continue Uptrend

The market is expected to remain bullish for the coming days amid the U.S. FED’s latest decision to significantly cut interest rates for the first time in four years, making risk assets appealing to investors.

The move sent Bitcoin substantially above the $60K level, and some analysts believe a $70K range is on the cards. Bitcoin's creation of a new all-time high would notably help altcoins like XRP perform.

Other Analysts Forecasting XRP Bull Run

In addition to “The Dude,” several other analysts have gained confidence in an XRP bull run based on chart formations.

Analyst Mikybull labeled XRP’s current price structure a “technical time bomb” in a separate trend. He compared it to the 2017 market behavior to argue for a potential massive rally ahead, although he did not specify any potential targets.

Meanwhile, analyst JayDee recently highlighted that XRP’s Bollinger Bands are narrowing more than ever. He cited the 65,000% price surge seen the last time a similar tightening pattern surfaced. However, JayDee noted that a price surge of around 1,000% is more realistic for XRP.

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