XRP Breaks New Ground as Analysts Predict Major Rally Ahead

NEW YORK, NY — XRP, the popular cryptocurrency, is consolidating near its multimonth high of $3.66, and some analysts are projecting a possible rally to between $7 and $20 in the coming weeks. This surge follows a week of bullish momentum spurred by a legal resolution concerning a $50 million fine and regulatory clarification that XRP is not classified as a security.

The favorable conditions in the broader cryptocurrency market, including the launch of new products and positive investor sentiment, have also contributed to XRP’s rise, reinforcing its position as the third-largest cryptocurrency by market cap.

Technical analysis shows that XRP has formed a classic bull pennant formation, a chart pattern marked by converging trendlines after a significant price increase. Should XRP break above the upper trendline, analysts predict a new rally, potentially targeting $4.20, based on calculations made from previous price movements. XRP is currently sustaining levels above its 50-day exponential moving average (EMA), strengthening the bullish outlook.

Market analyst Mikybull Crypto has pointed to a similar pennant structure on XRP’s chart, highlighting a 1.618 Fibonacci extension target at $5.32. He added that if XRP surpasses certain resistance levels, upper targets could aim as high as $8.

Adding to the positive sentiment is a confirmed bullish crossover on the weekly chart, which has not occurred since late 2024. This signal has led analysts to believe that XRP’s true parabolic phase may still be on the horizon. However, some indicators, like the XRP Dominance Index, are yet to confirm this bullish trend, suggesting that there is still significant resistance to overcome.

The XRP Dominance Index is currently at approximately 5.30%, just below a key resistance level of 5.50%. Analysts believe that breaking through this barrier could lead to a doubling of XRP’s market share and push prices toward the $7 to $10 range.

Traders and investors are now closely monitoring XRP’s price action as it holds above $3.00, a critical psychological level from its historical performance. Analysts emphasize a cautious yet optimistic approach, advising that XRP’s performance in the next few weeks will heavily depend on market dynamics and regulatory developments.

The overall sentiment remains that if the positive trends continue, XRP has the potential to reach new heights in 2025. This forecast presents an intriguing opportunity for investors across the cryptocurrency landscape.