XRP Bulls Eye All-Time High Ahead of Crypto Summit
1min read XRP, the native cryptocurrency of the Ripple network, has shown signs of a potential rally as traders' sentiment peaks ahead of the upcoming White House Crypto Summit. The altcoin has managed to hold a critical support level, which traders believe could be key for a potential rally towards substantial price points.
Notably, a prominent analyst remarked, "XRP is ready for an all-time high," reflecting the bullish sentiment surrounding the altcoin. XRP's price is climbing ahead of the first White House Crypto Summit, holding crucial support that may lead to significant price movements towards $5.85.
Amidst growing market optimism, XRP has shown resilience, trading significantly above its recent lows. Notably, the altcoin's current price maintains a position well above the critical support threshold marked by the 38.2% Fibonacci retracement from its previous rally peak of $3.40.
Dark Defender, a notable crypto analyst, emphasizes that if XRP maintains this key support, the path toward $2.60 is anticipated. This level presents itself as the next stepping stone, generating expectations for a breakout that could see XRP targets reach as high as $5.85, reflecting an impressive potential gain of 132% from today's price levels.
The analysis underscores the importance of certain price levels in the coming days. Specifically, maintaining levels at $2.33 and $2.22 is crucial. Dark Defender notes that if XRP consolidates successfully above these thresholds, the projected movements could solidify its position in a bullish wave structure, further validating the upside targets.
Furthermore, Egrag Crypto shares a bullish perspective, emphasizing that XRP's price action mirrors patterns observed in 2017 when the altcoin made significant gains, highlighting a potential parabolic move should history repeat itself. If XRP replicates its past performance, this could align prices within the range of $8 to $13, showcasing robust future potential.
As XRP's price faced a temporary drawdown, on-chain data reflects a significant uptick in market activity. According to reports, active XRP addresses surged by an astounding 680% since last week, indicating heightened engagement among investors. The spike in new addresses and the increased transaction count (which rose by 23%) suggest that many investors are taking 