Could Ripple's XRP Price Surge to $22 in the Upcoming Bull Market?
XRP is currently trading at around $3, suggesting it is only 18% below its all-time high. Analysts are observing potential breakout patterns and significant exchange inflows, hinting at a possible price rally.
Ripple (XRP) is currently trading near $3, which is about 18% lower than its all-time high of $3.65. After reaching a recent peak of $3.07, it has pulled back slightly but remains stable. The trading volume over the past 24 hours is approximately $4.92 billion. Although recent price movements have been somewhat negative, XRP has seen a 5% increase over the past week.
Resistance Levels Near $3.07
The price surge toward $3.07 encountered significant selling, establishing this level as a short-term resistance point. With an increase in volume at this level, profit-taking has been evident. XRP subsequently fell back to the $3.00 mark where buyers re-entered. The $2.98 level has been tested multiple times and continues to hold strong.
According to CRYPTOWZRD, crossing above $3.01 could pave the way toward $3.13, with $3.15 as the next significant target. He stated:
XRP Daily Technical Outlook: $XRP closed with a gravestone doji. However, XRPBTC is expected to gain momentum soon, making XRP more bullish. A breakout above the $3.0100 resistance on the intraday charts will trigger a long position. 馃槇 pic.twitter.com/2WKAgxByPu
Upcoming Breakout Pattern
From a longer-term perspective, XRP seems to be following a repetitive four-phase pattern. Historically, the pattern involves a strong rally, a prolonged correction, tight consolidation, and finally a breakout. Current price behavior suggests XRP might be in the last phase again.
Analyst CW highlighted that only an 18% rise is needed to retest the previous peak. Similar setups preceded XRP’s significant rally in 2017. If momentum shifts above $3.30, analysts predict targets as high as $22, relying on Fibonacci levels utilized by technical traders.
On the XRP/BTC chart, the price is currently retracting inside a symmetrical triangle that began to form back in 2018. The proximity of the price to the upper boundary of this pattern suggests a breakout might soon occur.
CW mentioned:
A breakout of the convergence on the $XRP/BTC chart is imminent.
The first significant rally in eight years is about to commence. pic.twitter.com/hvBQbndXBY
Increased Exchange Inflows
Data from Glassnode shows over 320 million XRP鈥攙alued around $950 million鈥攎oved to exchanges from September 26 to October 5. During this period, balances across exchanges rose from 3.45 billion to 3.85 billion XRP.
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Despite these influxes, XRP鈥檚 price has remained relatively stable. This could indicate the market absorbed the additional supply, or that these tokens have not yet been sold. Analyst Steph Is Crypto remarked:
OVER 320 MILLION $XRP ($950 MILLION) TRANSFERRED TO EXCHANGES IN JUST 7 DAYS. SHOULD WE BE WORRIED?
Large amounts transferring to exchanges are often interpreted as prelude to selling activity. The next few days will reveal whether this influx leads to price adjustments.
