coinpedia.org
XRP has recently shown a strong and sustained upward price movement, up by more than 65 percent in the last seven days. XRP is currently trading above the crucial $1.50 mark and has gained almost nine percent in the last 24 hours.
The altcoin has been consistent in its upward momentum, especially following the news of Gary Gensler’s departure from the U.S. SEC. This news provided a catalyst for XRP and other altcoins like Cardano to rise, adding to the bullish sentiment in the market.
Key Price Levels and Resistance Breakout
According to analyst Josh of Crypto World, a major technical development is XRP’s breakout above the 78.6% Fibonacci level, which had acted as strong resistance at around $1.30. Breaking above this level is extremely bullish, and if XRP can maintain support above $1.30, it hints that the price could continue to rise. The next major price target is around $1.60 to $1.70, with a potential to reach $2.
Short-Term Breakout and Trading Strategy
Over the last few days, XRP broke above resistance around $1.12 to $1.13 and this breakout was confirmed with a candle close above this level, leading many traders to enter the market.
The first target price after the breakout was around $1.34 to $1.35, which has already been hit, marking a successful trade for many. Based on the bullish pennant formation, the projected price target could be around $1.72, signaling a potential 50% gain from the breakout point. This also opens the gate to a large upside, with the price potentially climbing by up to 177% from the current level.
The Bigger Picture: 2025 and Beyond
As we approach 2025, analysts are predicting that the next altcoin season is just getting started. This early bull run for XRP is only a precursor to what could become a much larger market rally in the coming year.
XRP vs. Bitcoin: A Key Chart to Watch
Another interesting chart to watch is the XRP/BTC chart. History seems to be repeating itself as XRP forms a double bottom pattern similar to what we saw at the start of the 2021 bull market. The current trend suggests that XRP may be poised to outperform Bitcoin, as its price is rising against BTC. If the XRP/BTC chart continues to move upwards, XRP could see gains of 80-90% compared to Bitcoin, nearly doubling in value relative to BTC.