This article is also available in Spanish.
XRP has caught the attention of the crypto market with its impressive bullish performance, surging over 45% in just six days. The token’s rally took another step forward on Thursday by breaking 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 crypto space is sparking even more bullish sentiment for XRP.
Related reading
Analyst Ali Martinez recently shared technical analysis highlighting the token’s strong price action. According to Martinez, XRP appears to have broken out of a bull flag pattern, a technical indicator that often signals the continuation of an uptrend. Based on this trend, the price could be preparing for a surge up to $4, an important level that would mark another major step in its ongoing rally.
As XRP continues to outperform, investors are closely watching the token’s next moves, with many believing it could benefit from a more crypto-friendly environment under the new administration. With strong technical indicators and growing market optimism, XRP appears poised for further gains, making the coming days a pivotal moment for the asset.
XRP ready for massive rally
XRP had a very volatile week as price action caught the attention of the crypto market. After dropping to $2.32 earlier in the week, XRP has seen an impressive recovery, reaching new all-time highs around $3.40. This is 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 the enthusiasm of analysts and investors, who now view XRP as one of the most sought-after assets on the market.
Market sentiment is extremely optimistic, and many expect XRP’s momentum to take it even higher in the coming weeks. Martinez recently shared 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 model, Martinez predicts that XRP could be preparing for a rise to $4, signaling another major milestone for the asset.
Adding to this optimism is the broader macroeconomic environment, as President-elect Donald Trump is expected to take office on Monday. Looking forward to a pro-crypto administration, many believe that XRP and the market as a whole could benefit from favorable policies and increased investor interest.
Related reading
As XRP enters this pivotal phase, investors are closely watching its ability to maintain its recent gains and build on its upward trajectory. With technical indicators aligning and market optimism growing, the next few days could be transformative for XRP, paving the way for even higher price levels in 2024.
Price discovery phase: what to expect
XRP is currently trading at $3.20, following its recent rise 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 new ATH, marking another milestone in its ongoing rally.
Maintaining the $3.00 level is key to maintaining this momentum. This psychological and technical support serves as the basis for continued bullish sentiment. If XRP manages to consolidate above this mark, it would boost trader confidence and signal the strength needed to attempt a further breakout.
However, the market remains very volatile and XRP is no exception. The rapid price movements seen in recent weeks highlight the potential for liquidity inflows and aggressive corrections. Such volatility highlights the importance of risk management, as sudden declines could occur before the next rise.
Related reading
As XRP goes through this pivotal phase, traders are closely watching for signs of sustained strength or potential reversals. If XRP maintains its momentum and maintains key support levels, it could be poised to extend its bullish trajectory and reach new highs in the near future.
Featured image of Dall-E, chart by TradingView
