XRP News Today: XRP Surges 2.5% Amid Market Drop, Analysts Predict New Highs

XRP, the cryptocurrency associated with Ripple, has shown significant price movements recently, with a 2.5% increase in the past 24 hours, reaching $2.34. This rise is notable given the overall market drop of the same percentage. Over the past week, XRP has increased by 6.5%, and over the past fortnight, it has risen by 7%. The altcoin has also seen a substantial 435% increase over the last 12 months.

Analysts are optimistic about XRP's future performance, with one analyst, Charting Guy, pointing out that XRP’s chart this year is replicating the patterns of 2017/18. During that period, XRP reached a record high of $3.40. Given the altcoin's fundamentals and Ripple's growth this year, there is a possibility that XRP could hit a new all-time high by the winter.

Charting Guy posted a chart superimposing XRP’s 2017/18 price action onto its performance over the previous year. The overlap is considerable, with the recent highs in December and January lining up with the highs in December 2017 and January 2018. However, it is important to note that the chart is for XRP-Bitcoin, not for XRP-USD, which witnessed continued declines after September’s rebound in 2018.

Despite the similarities, the current market differs from 2018 due to increased cryptocurrency adoption. This suggests that XRP could recover in the later months of the year, potentially after the US resolves its ongoing tariff issues with the rest of the world. XRP is already beginning to recover some lost momentum, having broken through the pennant its highs and lows had formed over the past six months. Its RSI (yellow) is climbing to 60 and moving upwards, while its MACD (orange, blue) has just turned positive for the first time since late May.

These positive indicators suggest that the XRP price could hit $2.50 again in the next few weeks, potentially reaching $3 by Q4. If the final quarter of the year witnesses XRP ETF approvals, the coin could pass $3.50. XRP could receive a massive boost later in the year when the SEC is due to make a final decision on numerous ETFs.