XRP news today: XRP's 29.70% Gain Sparks Bullish Rally Hopes

A prominent trader has expressed optimism about the potential for XRP to repeat its previous major rally, citing several key factors that support this bullish outlook. The trader's analysis highlights a significant 24-hour gain of 29.70% that XRP experienced during the peak of the last major crypto bull run, indicating a surge in investor interest. This historical performance suggests that XRP has the potential to replicate such gains in the near future.

The trader's analysis is further supported by Pumpius, who estimates that if XRP were to repeat its historical 64,000% rally, starting from its current price of $2.21, its price could reach an impressive $1,414.40. This target is based on the assumption that XRP will follow a similar trajectory to its previous bull run, where it experienced exponential growth. While this target is ambitious, it underscores the potential for significant gains if the market conditions align favorably.

Additionally, technical analysis on Ripple's (XRP) two-month candlestick chart shows that the cryptocurrency is still in a bullish setup on the larger timeframe. This analysis suggests that XRP's price movements are currently aligned with a positive trend, which could support the trader's prediction of a major rally. The bullish setup is further reinforced by the fact that XRP has shown resilience in the face of market volatility, maintaining its position above critical support levels.

However, it is important to note that the trader's prediction is not without risks. A break and close below $2 might put the sellers in command, causing XRP to retest the critical support level at $1.61, where buyers are expected to jump in. This scenario could potentially lead to a correction in XRP's price, which would need to be closely monitored by investors. Furthermore, an interesting analysis on TradingView suggests that XRP could face a technical confirmation that could extend a crash to $1.7757. This analysis highlights the importance of monitoring key support levels and technical indicators to gauge the potential for a price correction.

In conclusion, the trader's prediction of a major rally for XRP is based on historical performance, technical analysis, and current market conditions. While the potential for significant gains is evident, investors should remain cautious and monitor key support levels and technical indicators to navigate the market effectively. The trader's optimism is supported by the bullish setup on the larger timeframe and the potential for XRP to repeat its historical rally, but it is important to consider the risks and uncertainties associated with the cryptocurrency market.