thecryptobasic.com
Amid $XRP’s latest comeback, a widely followed analyst has suggested the asset could be headed for an all-time high in the $4 range.
$XRP is finally joining the Bitcoin-led bull trend, setting a fresh monthly high as BTC enters unprecedented price territories. Earlier today, $XRP reached $0.5740, marking an 11.67% increase from the $0.514 level it traded at yesterday.
Notably, $0.5740 is the highest price $XRP has reached in about five weeks. During this period, Bitcoin surpassed its March peak of $73,750 and established a new high at $76,400.
Given that $XRP has ultimately capitalized on the market-wide upsurge, “CoinsKid,” a crypto trader with 140K followers on X, pondered whether the ongoing $XRP rally could drive the altcoin to an all-time high.
$XRP Rallying to ATH at $4 Would Be No Surprise
The analyst shared a two-year historical $XRP chart on the weekly time frame. The chart identified three major resistance points for $XRP, with the most crucial being at the $0.94 level.
Notably, $XRP lost its bullish momentum at this level in July 2023, during the frenzy that followed the court verdict declaring it is not a security.
Other key points identified are psychological thresholds at $1.50 and $2.50. In addition to these resistance levels, CoinsKid also pointed to a now robust support at $0.3798 and a potential price discovery level at $4.
According to the seasoned trader, it would be no surprise if $XRP held firm on the support without needing a retest and broke through the $0.94 resistance, continuing upwards until it set a peak at $4.044.
Notably, for $XRP to surpass the $0.94 level, it would need to stage a run that drives its value up by 71% from the current price of $0.55. However, this magnitude of growth has been a major hurdle for $XRP in recent times. Meanwhile, for the price discovery phase at $4, $XRP would require a much stronger surge of 627%.
The Bullish Narrative for $XRP
A major narrative currently fueling a bullish perspective for $XRP is the anticipation of Donald Trump dismissing SEC Chairman Gary Gensler.
Responding to CoinsKid, an investor noted that $XRP can no longer revisit the support level at $0.37, arguing that the opportunity to buy at that low price was weeks ago. The commenter further suggested that, now that pro-crypto Trump has won the election, Gensler’s sack will “send $XRP’s price soaring.”
In response, another proponent pointed out that $XRP barely saw a 4% pump on the day Bitcoin first peaked at $75K after Trump’s victory, implying that the narrative suggesting an $XRP rally due to Gensler’s dismissal might be weak.