Bulls XRP has begun to make a move in the upward direction, with its dominance (XRP.D) testing a key level of weekly resistance just above 5.50%. Additionally, this level has been used as a ceiling, limiting XRP market share for more than 2,200 days. According to several technical indicators, a breakout would likely spark a massive price explosion.
The Average Directional Index (ADX) has recently fallen under 20. Historically, this movement has indicated the start of a multi-week to multi-month accumulation phase for XRP. This accumulation phase usually results in tremendous price appreciation. Given that XRP’s recent breakout above the $3.40 level has all but confirmed this bullish outlook …
XRP price needs to close above $2.55 After detecting support at a descending pennant … Combined with these three previous moves, this latest action could leave XRP poised to shoot for more than $18! That would mean a whopping 417% increase from today’s levels. Traders are watching these technical indicators quite intensely. Many crypto specialists stress that with this kind of arrangement, XRP is likely to hit $20 by the top of the cycle.
In the past, any successful breach of the XRP.D resistance has seen XRP go on to double its market share in quick order. If this pattern holds true for the future, XRP’s market share could potentially double. Whether this push will push its price into the $7-$10 token range depends mostly on the macro market.
XRP is showing bullish momentum against Bitcoin, further fueling the excitement for investors. XRP is attempting to pierce a long-standing resistance zone that dates back to 2019. Breaking this resistance will likely spark a substantial price surge for XRP, perhaps similar to the rally seen in 2018.
XRP recently peaked at a multiyear high of $3.66, highlighting its considerable growth potential. The confluence of these technical indicators and bullish market conditions imply that XRP is at a critical juncture.
