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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.