Recent analysis of XRP price indicates potential for a significant upward move. Analyst Mikybull Crypto predicts the token could reach a blow-off top between $5 and $8, fueled by expanding DeFi applications and increasing institutional investments. 📈
The current price level around $3.00 is consolidating before potentially breaking out. Technical patterns suggest an escalating upward trend, evidenced by an ascending triangle pattern on the monthly chart, a bullish signal for future gains.
RSI momentum and triangle formation are aligning to indicate potential breakout momentum. The Relative Strength Index (RSI) is approaching overbought territory, reflecting growing buying pressure as XRP tightens its grip within the triangle structure.
High trading activity with volume exceeding $6.67 billion daily supports healthy liquidity, but a slight dip in activity suggests cautious anticipation for a directional shift. ⏳
Key technical levels remain clear: immediate resistance around $3.04, while support at $2.96 is being defended by buyers.
The historical precedent of XRP’s surge in late 2017 and early 2018 serves as a compelling indicator. This current structure mirrors the pre-peak period, suggesting a potential vertical move within the upcoming days.
However, a blow-off top is not guaranteed. A breakout could be followed by consolidation as the market adjusts to the new price range.
The XRP supply is capped at 100 billion tokens of which close to 60 billion are in circulation. This implies that over 60% of XRP supply has already been released, and adoption and practical utility are crucial for long-term growth.