XRP has emerged as a leading force in the latest crypto rally, delivering substantial gains and sparking optimism among investors. In less than three weeks, the price has soared by an impressive 225%, showing no signs of slowing down as momentum continues to build. This rise has established XRP as a top-performing altcoin, drawing the attention of analysts and traders across the globe.
Technical Analysis: XRP’s Bullish Structure
CrediBull, a renowned analyst on social media platform X, has conducted an in-depth technical analysis that highlights XRP’s robust bullish framework. According to his findings, XRP is currently in a distinct 5-wave impulsive pattern, which is typically linked to prolonged upward trends. If XRP continues to hold a crucial support level, CrediBull forecasts that the price could exceed $2 in the upcoming weeks, marking a significant achievement for the altcoin.
With excitement mounting, market participants are closely monitoring XRP’s performance. The ongoing rally hints that XRP could reach new heights and potentially drive broader altcoin gains. Whether XRP can sustain its upward momentum will hinge on its ability to maintain key support levels and harness the current bullish sentiment. For now, XRP remains a focal point in the market, with its next moves eagerly awaited.
The Bullish Rally: Can It Sustain?
The recent bullish phase for XRP may be just the beginning, as optimism continues to rise among analysts who predict a higher price in the months to come. However, critical price levels must be tested and upheld for XRP to maintain its momentum and progress to the next upward phase.
CrediBull has shared his insights, revealing that XRP is currently in a clear 5-wave impulsive move, a strong indicator of a bullish trend. Through his technical analysis, this pattern confirms that XRP’s absolute bottom was established at $0.49 earlier this year. He also highlighted the significance of the $1.05 level, identified as the starting point of the fifth subwave in this impulsive structure.
CrediBull explained that if XRP dips below $1.05, it could indicate the onset of a larger Wave 2 correction, which would likely precede the next major upward impulse (Wave 3). However, if XRP remains firmly above $1.05, it suggests that the fifth subwave is extending, potentially driving the price to $2 or higher before any significant pullback occurs.
XRP’s Multi-Year Highs: Aiming for New ATH?
Currently, XRP is trading at $1.45 after an impressive rally that saw the price touch $1.63, representing its highest level since May 2021. This achievement has sparked optimism among investors, positioning XRP for a potential run to new all-time highs in the coming months. The sustained upward momentum reflects growing confidence in the price’s bullish trajectory.
However, this surge also signals the possibility of consolidation. The price might need to stabilize and gather strength below the $1.63 mark before continuing its upward movement. Consolidation phases are a natural part of any significant rally and can help establish stronger support levels for future price actions.
The $1.05 level remains a key support zone to watch. If the price holds above this mark, it will reinforce its bullish outlook and set the stage for a potential breakout and continuation of its upward trend in the weeks ahead. Analysts believe that maintaining this level would be a strong signal of market confidence, paving the way for XRP to build on its recent gains and target new milestones.
