How high can XRP price go?

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As an analyst with over two decades of experience in financial markets, I’ve seen my fair share of market fluctuations and trends. The recent surge of XRP has caught my attention, not just because it has broken the $1 barrier for the first time since 2021, but also due to its impressive 134% increase following the US election on Nov. 6.

Starting from the U.S. election on November 6, the value of XRP (XRP) has skyrocketed by an impressive 134%, propelling its year-to-date earnings into profit with gains exceeding 80%. Moreover, for the first time since December 2021, the price of XRP has surpassed $1.

At the moment, the technical analysis indicates that XRP is an overbought asset, suggesting a potential phase of stabilization or even a reversal in its price.

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It’s quite plausible, but the long-term graphs for this cryptocurrency seem to suggest further growth may be on the horizon for 2025.

XRP price pulls back after 3-year highs

On November 16th, the relative strength index (RSI) for XRP daily values jumped beyond 93, a level that hasn’t been reached since March 2017 and indicates overbought conditions. This jump coincided with a significant 42% one-day price increase, pushing the XRP/USD exchange rate to roughly $1.25 at its peak.

The price of XRP has decreased approximately 9.75% since then, but it’s currently holding steady above the significant $1 level, which has shifted from a point of resistance to one of support.

The ongoing trend indicates that traders might be momentarily halting their activities to strategize for the market’s upcoming action.

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In simpler terms, the current state of the XRP market presents a mixed outlook due to a technical indicator called RSI (Relative Strength Index) showing it’s overbought, which suggests that instead of seeing significant increases, there might be more opportunities for corrections or downturns.

If an adjustment occurs, the XRP price may drop towards its 1.0 Fibonacci retracement level support, approximately $0.936. This represents a decrease of roughly 18% compared to the present prices.

Conversely, XRP might challenge its current peak of approximately $1.25 in the upcoming days due to its ongoing progression. However, overcoming this level in the short term could pose difficulties for the optimistic investors, considering the existing technical configuration.

XRP/USD weekly chart puts 50% gains in play

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As a crypto investor, I’ve noticed an exciting development in my XRP holdings. On the weekly chart, it seems that XRP has managed to break free from a massive, seven-year-old symmetric triangle pattern back in November. This could potentially signal the end of its prolonged consolidation phase.

Remarkably, the recent triangle pattern resembles the one from March 2017, followed by an impressive 46,440% price surge.

Currently (Nov 18), XRP is holding steady within the boundaries set by its Fibonacci retracement levels at approximately $0.87 and $1.35, which translates to the 0.236 and 0.382 levels respectively.

For the XRP/USD pair to signal a prolonged uptrend, it needs to surpass $1.35 as a significant milestone. This could potentially occur following Donald Trump’s dismissal of Gary Gensler from his position as SEC chairman. Moreover, if the Securities and Exchange Commission (SEC) authorizes spot XRP exchange-traded funds (ETFs) in the United States, it would further bolster this bullish outlook.

For a bullish outlook by the year 2025, it seems that the ideal optimistic goal could be approximately $1.75. This significant figure aligns with its 0.5 Fibonacci Retracement level, representing an approximate increase of around 50% from the current prices.

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2024-11-18 13:06