XRP Hits 7-Year High, Is A New ATH Around The Corner?
As the market recovers, XRP breaks through the $3 mark, setting a new multi-year high. The continued rise has fueled bullish sentiment among investors and analysts, suggesting that the race to all-time highs (ATH) has begun.
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XRP hits $3 after seven years
XRP is one of the best performers cryptocurrency That follows a post-election rally that has seen it rise more than 450% since Nov. 6. Altcoins have outperformed much of the market over the past two months, remaining above key support areas during the market correction.
In December, the cryptocurrency climbed to multi-year highs of $2.9 and hovered between $1.9 and $2.7 for the remainder of the month. Although the market is broader Backtracethe altcoin held the lower area of the range, confirming it as a key support level.
Additionally, XRP has been trading between $2.1 and $2.6 levels for the past two weeks, holding above the $2.2 support during the pullback at the start of the year. As some analysts have pointed out, the cryptocurrency has been trying to break out over the past few days.
Analyst Carl Runefeldt famous XRP has been retesting descending resistance from a one-month symmetrical triangle pattern that is targeting a surge to December highs.
On Wednesday, the price of XRP soared 30% from Monday’s lows, breaking through key resistance and setting a new multi-year high. As Bitcoin reclaims the $98,00-$99,000 price range, the cryptocurrency surged 17% on the daily time frame, briefly surpassing the $3 mark for the first time since 2018 and trading just 12 below its $3.4 ATH %.
After reaching the long-awaited milestone, XRP has once again fallen back to $2.9 and is currently testing the resistance level that acted as support.
XRP’s rally towards new ATH “has just begun”
Analyst Ari Martinez shared Whales have taken notice of XRP’s momentum as the number of large-scale transactions on the XRP network surges. According to the post, 341 transactions over $1 million occurred on the network in the past 24 hours.
Cryptocurrency analytics firm Santiment also disclose Wallets holding between 1 million and 10 million XRP continue to accumulate altcoins. The company said that since November 12, these wallets have added approximately $3.8 billion in XRP, an increase of 37%.
Meanwhile, cryptocurrency trader Miky Bull tip Pointing out that the altcoin has broken above a multi-year downtrend line relative to its Bitcoin trading pair. According to the post, the cryptocurrency broke above the trendline during the November breakout and has remained above the trendline for the past two months.
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Furthermore, the trader highlighted that historically, whenever XRP breaks out of its downtrend Against BTC, it will trigger a massive rally and reach new highs. He stated that if this behavior is repeated, XRP/BTC could approach 0.0004, which would bring XRP prices into double digits.
Based on this, Miky added that the altcoin’s next target should be $4, which would imply a 37% upside from the current price. At the time of writing, the altcoin is trading at $2.91, up 11% from the daily time period.
Featured image from Unsplash.com, chart from TradingView.com
