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The XRP price has been one of the top altcoin performers in recent months, going from under $0.6 to over $2.8 during this period. Nevertheless, the altcoin, like the rest of the crypto market, recently succumbed to bearish pressure, pushing it back to $2. Despite this, the XRP price has continued to show strength, and recent developments on the altcoin chart show that the bullish momentum is far from over.
XRP price shows bullish continuation
So far, XRP price is moving in a tight channel as the bulls are firmly holding the $2 support. A crypto analyst on the TradingView platform points this out in a recent analysis that puts XRP in a bullish light despite the crash.
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With the price retracement, $2 has been established as support, while the most notable resistance is now below $3. Considering the recent developments, the crypto analyst believes that this is bullish for the XRP price. This is because the altcoin has made a bullish continuation move on the daily chart.
This bullish continuation is known to be bullish for crypto assets, especially when it ends in a breakout. For now, XRP price will have to break out of the current bullish channel to confirm this move. If this happens, XRP could expect a move of more than 300% from its current price level.
“Once we break out of that bullish channel, we will break the all-time highs well into a new all-time high,” the crypto analyst said.
How high can the price go from here?
If XRP price were to successfully break out of the bullish channel from here, then it indicates momentum that could send the price to a new all-time high. Currently, the altcoin is about 37% below its all-time high price of $3.84 in 2027. This means that an 80% move from this point would mark new all-time highs.
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According to the crypto analyst, the outbreak could be the XRP price more than doubles. They predict that this bullish momentum could see the price rise as high as $10-$11, which would mark a five-fold jump and see XRP reach double digits for the first time. As for when this move could happen, the chart indicates it is in the first quarter of 2025.
The first quarter of the year is known to be bullish for cryptocurrencies, so this falls into place for the cryptocurrency. Over the past two years, XRP has ended the first quarter in the green, with a 58.8% gain in 2023 and a 2.37% gain in 2024. increased, indicating that it will follow the same path as in previous years.
Featured image created with Dall.E, chart from Tradingview.com