XRP Sees Multi-Year Highs, Technicals Signal “Explosive” Potential

XRP (XRP) has surged to its highest price level in over two years, exceeding $3.66 last Friday. This significant rally represents an almost 90% increase since XRP’s April lows.

Despite the strong performance, analysts suggest that the technical picture indicates the potential for substantial further gains before reaching what some describe as its “parabolic phase.”

XRP Dominance Breaks Key Resistance

Key indicators point towards continued upward momentum. Crypto analyst “Dom” notes that the XRP market dominance metric is approaching a crucial 5.5% weekly resistance level, a zone that has held for over 2,200 days.

“Anytime $XRP.D broke the current resistance in the past, we saw a 2x move shortly after. If history repeats after a successful break on Friday, this could land us near a target of $7-$10.”

– “Dom”

Further technical analysis from “Egrag Crypto” highlights a breakout from a bullish pennant pattern on the XRP dominance chart, projecting significantly higher market share. A move above approximately 5.75% would trigger “Kaboom” phase potential according to Egrag, aligning with prior support/resistance levels.

XRP/BTC Targets Breakout Seen as Catalyst

Bullish signals are also evident in XRP’s performance against Bitcoin. Analysts highlight the XRP/BTC chart as showing similar support concentration patterns as the broader XRP chart.

“Similar to the $XRP.D chart, anytime the XRP/BTC resistance zone, which has suppressed the pair over 2,200 days since mid-2019, has been reclaimed in the past, an explosive move occurred shortly after.”“

– “Dom”

Adding to the potential bullish case, the XRP/BTC pair is reportedly giving signals for a significant move, potentially replicating gains seen in March 2021 and November 2024.

Monthly Chart Targets $18-$20 Region

Monthly technical charts reinforce the bullish thesis, showing XRP potentially validating a bull pennant pattern. A monthly close above $2.55 could unlock a target significantly higher than the current $3.66 level.

“Target of $20+- $XRP is a given. It shall happen by the end of this cycle.” According to a trader known as XRPunkie, citing the monthly chart action.

– XRPunkie

Analysts consistently point to key resistance levels around the $3.84 (previous all-time high) and $3.67 (recent peak) zones being challenges now considered overcome, paving the way for potentially higher targets.

Disclaimer: This article is not investment advice. All investment and trading involve risk.