XRP Coin has seen a remarkable rally since the US elections on November 6, gaining 134%. It has also entered positive territory, with gains exceeding 80% since the beginning of 2023. XRP has crossed the $1 level for the first time since December 2021. However, current technical indicators have XRP positioned in overbought territory, which could typically point to a period of consolidation or correction. Crypto analyst Yashu Gola expects XRP to enter 2025 at higher prices.
XRP Coin Surpasses $1 and Continues Strong Performance$XRP
On November 16, XRP’s daily Relative Strength Index (RSI) rose above 93, reaching an overbought level not seen since March 2017. This surge came with a massive 42% single-day increase that took the price of XRP Coin to around $1.25. However, since this increase, the XRP price has seen a pullback of around 9.75%. Currently, the token is finding its balance above the critical $1 level, which has turned from resistance to support. This suggests that investors may be consolidating to prepare for the market’s next move.
XRP is currently in a contradictory situation, as the RSI, which has reached overbought levels, indicates a greater possibility of correction rather than price increases. If a correction occurs, the XRP price could fall by about 18% from current levels and fall towards the 1.0 Fibonacci retracement level support at $0.936. On the other hand, if XRP’s momentum continues, the price could retest the local high of $1.25. However, breaking through this level may not be easy for the bulls in the short term.
Weekly Chart Points to 50% Gain: Target $1.75
On the weekly chart, XRP Coin ended a seven-year consolidation period by breaking out of a large symmetrical triangle formation in November. This breakout is reminiscent of the move that resulted in a massive 46,440% price rally in March 2017. Currently, XRP is trading in the $0.87-$1.35 range, consolidating between the $0.236 and $0.382 Fibonacci retracement levels. XRP needs to break out of $1.35 to confirm a long-term bull cycle.
If Donald Trump removes Gary Gensler as SEC chairman and the SEC approves spot XRP exchange-traded funds (ETFs), the price of XRP could strengthen in this bullish scenario, which could see the price rise to $1.75 by 2025, up nearly 50% from current levels.