Scott Melker, one of the most prominent traders, has joined the list of market analysts who believe that the XRP cryptocurrency could be on the cusp of another major rally.

“Have not looked at this chart in ages, but it is in a REALLY interesting spot here. 4th touch of descending resistance here on the weekly. Rejection likely, but a breakout has this flying… worth watching, regardless of your feelings towards the token,” Melker said in a post on the X social media network.

As reported by U.Today, the XRP cryptocurrency could be on the cusp of a potential Bollinger squeeze after a period of low volatility.

Moreover, recent analysis suggests that the Ripple-affiliated cryptocurrency could also continue gaining ground against Bitcoin.

According to CoinGecko data, XRP is up 3.3% over the last week, outperforming other cryptocurrencies within the top 10.