This article is also available in Spanish.
XRP has captured the attention of the cryptocurrency market with its impressive bullish performance, up more than 45% in just six days. The token’s rally reached a new milestone on Thursday, surpassing its all-time high, cementing its position as one of the best-performing assets on the market. With Monday’s inauguration of President-elect Donald Trump on the horizon, speculation about his administration’s potential impact on the cryptocurrency sector is fueling even more bullish sentiment for XRP.
Related reading
Lead analyst Ali Martinez recently shared a technical analysis highlighting the token’s strong price action. According to Martinez, XRP appears to have broken out of a bullish flag pattern, a technical indicator that often signals the continuation of an uptrend. Based on this model, the price could be preparing for a recovery towards $4, a significant level that would mark another milestone in its ongoing rally.
As XRP continues to outperform, investors are closely monitoring the token’s next moves, and many believe it could benefit from a more cryptocurrency-friendly environment under the incoming administration. With strong technical indicators and growing market optimism, XRP appears poised for further gains, making the next few days a crucial time for the asset.
XRP Set for Massive Rally
XRP has had a highly volatile week, with the price action capturing the attention of the cryptocurrency market. After falling to $2.32 earlier in the week, XRP has staged an impressive recovery, reaching new all-time highs around $3.40. This marks a historic moment for the cryptocurrency, as it finally surpassed its previous all-time high set in 2018, breaking a seven-year high. This milestone has reignited enthusiasm among analysts and investors, who now see XRP as one of the most interesting assets on the market.
Market sentiment is predominantly bullish, with many expecting XRP’s momentum to take it even higher in the coming weeks. Martinez recently shared a technical analysis on X, revealing that XRP broke out of a bull flag pattern, a continuation indicator often associated with significant price increases. Based on this pattern, Martinez predicts that XRP could prepare for a recovery towards $4, signaling another major milestone for the asset.
Adding to the optimism is the broader macroeconomic backdrop, as President-elect Donald Trump takes office on Monday. With expectations of a pro-crypto administration, many believe that XRP and the broader market could benefit from favorable policies and increased investor interest.
Related reading
As XRP enters this crucial phase, investors are closely monitoring its ability to sustain recent gains and develop its bullish trajectory. With technical indicators aligning and market optimism growing, the next few days could be transformative for XRP, setting the stage for even higher price levels in 2024.
Price discovery phase: what to expect
XRP is currently trading at $3.20, following its recent surge to an all-time high (ATH) of $3.40. Price action remains extremely bullish, with strong momentum suggesting the potential for further gains in the coming days. Analysts and investors are optimistic that XRP could surpass its newly set all-time high, marking another milestone in its ongoing rally.
Holding the $3.00 level is key to sustaining this momentum. This psychological and technical support serves as the basis for continued bullish sentiment. If XRP manages to consolidate above this level, it would boost confidence among traders and signal the strength needed to attempt another breakout.
However, the market remains highly volatile and XRP is no exception. The rapid price movements seen in recent weeks highlight the potential for liquidity sweeps and aggressive corrections. Such volatility highlights the importance of risk management, as sudden pullbacks could occur before the next rally.
Related reading
As XRP moves through this crucial phase, traders are carefully watching for signs of sustained strength or potential reversals. If XRP maintains its momentum and holds key support levels, it may be poised to extend its bullish trajectory and reach new highs in the near future.
Featured image of Dall-E, TradingView chart