XRP News Today: XRP Surges 2.28% to $2.92, Bullish Momentum Drives 27.45% Weekly Gain

XRP has recently surged past the $2.90 mark, drawing significant attention from analysts and traders alike. The cryptocurrency is currently in a bullish phase, with technical analysis suggesting a potential run toward new highs. According to Elliott Wave analysis, XRP is either in Wave 3 or entering Wave 4 of an impulsive cycle, with projected Fibonacci targets at $3.25, $3.67, and $3.93.

Veteran trader Matthew Dixon noted that the recent breakout past the 1.618 Fibonacci extension at $2.83 confirms bullish momentum. However, he also cautioned about the possibility of a short-term retracement to $2.70 if Wave 4 develops before the expected push into Wave 5. The relative strength index (RSI) has risen above 80, indicating that XRP may be overbought and suggesting a potential pullback or sideways movement before resuming the primary trend.

Dixon also highlighted the risk of bearish divergence if volume fails to support rising prices, which could lead to a sudden drop back toward the $2.60 or even $2.40 range. Traders are closely monitoring volume indicators to validate the current upward movement.

Crypto chartist CRYPTOWZRD also commented on XRP’s recent movement, describing it as a breakout from a long-term pennant pattern. This pattern, which has historical parallels dating back eight years, suggests that XRP could attempt to revisit or even surpass its all-time high. The current trading price of XRP is around $2.92, marking a 2.28% gain on the day and a 27.45% rise over the past week.

If the bullish momentum continues, XRP could reach the upper projection near $3.93 as Wave 5 completes the cycle. The market is now closely watching price behavior near the $3.25 mark to assess whether a minor correction sets in or if XRP skips directly into the final wave. The overbought RSI above 80 raises short-term caution as traders eye potential retracement levels, but the overall sentiment remains bullish with the pennant breakout confirmed by a volume surge, fueling speculation of XRP revisiting all-time highs.