XRP News Today: XRP Surges 90% to $3.66, Analysts Predict Further Gains

XRP, a prominent cryptocurrency, has recently surged to a multiyear high of $3.66, marking a nearly 90% increase since its April lows. This significant rise has sparked interest among analysts who believe that the cryptocurrency is poised for further growth. According to several technical setups, XRP is yet to enter its parabolic phase, suggesting that there is more room for the price to run.

One key indicator that analysts are watching is the XRP dominance chart, which shows the market share of XRP relative to the total cryptocurrency market. The chart indicates that XRP is currently at a weekly resistance level around 5.50%, a level that has held the cryptocurrency down for over 2,200 days. Historically, whenever XRP dominance has broken through this resistance, it has led to a significant price increase. According to analyst Dom, if history repeats itself, XRP could target prices between $7 and $10, depending on the overall market movement.

Another analyst, Egrag Crypto, also noted that the XRP dominance chart has broken out of a bull pennant in the two-week time frame, projecting XRP dominance between 21% and 275%. The Visible Range Volume Profile (VRVP) reveals a significant void above 5.75%, which aligns with the resistance spotted by Dom. This suggests that any closure above 5.75% could trigger a significant upward move for XRP dominance.

In addition to the dominance chart, the XRP/BTC pair is also showing bullish signs. The pair is seeking to break above a key resistance zone that has suppressed the price since mid-2019. According to Dom, this zone has rejected XRP over eight times and has been a significant barrier for the cryptocurrency. However, if the pair manages to break through this resistance, it could trigger a massive upward move, similar to what happened in 2018.

Furthermore, the monthly chart shows XRP price validating a bull pennant pattern, with the price facing resistance from the $3.84 all-time high. A bull pennant is a continuation pattern that occurs after a significant rise, followed by a consolidation period at the higher price end of the range. A monthly close above the upper trendline of the pennant at $2.55 will clear the path for XRP’s rise toward the pattern’s target above $18, representing a 417% increase from the current price.

Trader XRPunkie, referring to XRP’s price action in the monthly time frame, asserted that a target of $20 for XRP is a given and that it shall happen by the end of this cycle. This bullish sentiment is supported by the technical analysis of the XRP price chart, which suggests that the cryptocurrency is poised for further growth.