XRP is currently trading at $2.34, experiencing a slight decline of 4.49% over the past 24 hours. The cryptocurrency has seen a high of $2.45 and a low of $2.30 during this period.
Technical Indicators Point to Bullish Momentum
A notable development in XRP’s technical analysis is the formation of a Golden Cross on the weekly Relative Strength Index (RSI) chart. This pattern, identified by analyst Dark Defender, previously preceded a significant price increase from $0.5029 to $3.388 within months. Based on this signal, Dark Defender projects a long-term XRP price target of $5.85.
The RSI’s bullish crossover suggests increasing demand and buying pressure, indicating potential for further upward movement. Analysts interpret this as a strong sign of a breakout similar to the 2021 bull cycle.
Market Dynamics and Bitcoin’s Influence
The broader cryptocurrency market is experiencing renewed momentum, with Bitcoin reaching a new all-time high above $109,000. This surge has positively impacted altcoins, including XRP, which has ranged between $2.357 and $2.451 before stabilizing at $2.45, gaining over 1.6% in 24 hours.
Analysts suggest that XRP could replicate Bitcoin’s earlier rally from $27,000 to $74,000 in a shorter timeframe, given the current market dynamics and technical indicators.
Resistance Levels and Price Targets
Despite the upward trend, XRP remains below its all-time high of $3.841, reached during the 2018 bull cycle. The cryptocurrency faces strong resistance at $3.4, which has held since its last peak. However, bullish analysts maintain that current indicators suggest a stronger breakout is forming.
Multiple technical signals confirm a bullish reversal, indicating that XRP gains may persist in the weeks ahead. As the market maintains momentum, XRP may soon reclaim its historical highs. Current technical patterns resemble those seen in 2021, reinforcing the bullish case.
Disclaimer
This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets are volatile, and investors should conduct their own research or consult a financial advisor before making investment decisions.
