XRP News Today: XRP Price Surges 90% Since April Lows, Eyes 417% Gain

Multiple technical charts and indicators suggest that the price of XRP has the potential to experience a significant rally in the coming weeks. The cryptocurrency recently reached a multiyear high of $3.66, indicating room for further growth. Several XRP charts hint at an “explosive” breakout, aiming for $7 to $20 if significant resistance levels are surpassed.

XRP’s price surged nearly 90% since April lows, hitting $3.66 recently. Despite this strong move, analysts believe the asset has yet to begin its true parabolic rally phase. Crypto analyst Dom noted that although XRP has hit multiyear highs, some indicators, such as the XRP dominance chart, have yet to signal a full bull market. XRP dominance (XRP.D) is approaching a key weekly resistance near 5.50%, a level that has capped XRP’s market share for over 2,200 days. Historically, breaking this XRP.D resistance has resulted in a doubling of market share shortly after, potentially pushing XRP price towards $7 to $10 depending on overall market performance.

XRP shows bullish momentum against Bitcoin as well, aiming to break a major resistance zone in place since 2019. Clearing this zone could trigger a significant price rally reminiscent of the 2018 surge. A bullish moving average convergence divergence (MACD) crossover supports this potential upward momentum. The monthly price chart shows XRP forming a bull pennant pattern with the all-time high at $3.84 as key resistance. A monthly close above the pennant’s upper trendline near $2.55 may clear the way for a price target above $18, implying a 417% gain from current levels. Traders emphasize that this technical setup points to $20 as a likely target by the cycle’s end.

The technical analysis indicates that XRP is in a full bull phase, with several key indicators pointing to continued growth. The Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are both showing bullish signals, suggesting that the momentum is in favor of the buyers. Additionally, the Average Directional Index (ADX) has dropped below 20, which typically signals a multi-week to multi-month accumulation phase. This period of "no trend" on weekly charts often precedes a strong upward movement.

According to analysts' forecasts, if the market and regulatory support remain favorable, XRP could potentially reach $22 by 2025. This prediction is based on a 630% surge, similar to previous rallies. However, it is important to note that this is a forecast and not a guaranteed outcome. The actual price movement will depend on various factors, including market sentiment, regulatory developments, and overall economic conditions.

The recent breakout above the $3.40 level has further solidified the bullish outlook for XRP. This decisive move has attracted the attention of many investors and traders, who are now closely monitoring the cryptocurrency for further gains. The technical picture suggests that XRP has the potential to reach $20 in the near future, as the full bull phase is still ahead.

In summary, the technical indicators and chart patterns suggest that XRP is poised for a significant rally. The recent multiyear high and the current consolidation phase indicate that the cryptocurrency is in a full bull phase. While analysts' forecasts suggest that XRP could reach $22 by 2025, the actual price movement will depend on various factors. Investors and traders should closely monitor the market and regulatory developments to make informed decisions.