XRP has wiped out over three and a half years of losses in less than a month, rising over 400% since Donald Trump was re-elected as President of the United States.
As of December 3, XRP was trading at $2.63, the highest level since February 2018.
However, considering the parabolic price increase, traders largely ignored these warnings, instead favoring the upward trend.
XRP PRICE HEADING TOWARDS A NEW ALL-TIME HIGH
The historical chart shows remarkable similarities between the parabolic price increase of XRP in 2017 and the current price action.
In 2017, the XRP/USD pair broke out of a multi-year symmetrical triangle pattern, pushing the price from below $0.01 to an all-time high of nearly $3.55. By 2024, XRP appears to have made a similar breakout after consolidating in an equivalent triangular structure for over three years.
The current breakout has seen XRP's price break through key Fibonacci levels, including 0.236 ($0.96), 0.382 ($1.46), and 0.618 ($2.25). This progression aligns with the triangle breakout in 2017 that pushed the price to the Fib 1.618 level of $0.06.
Therefore, a close above the current Fibonacci retracement level of 0.786 at $2.82 will strengthen the bullish outlook for XRP, increasing the likelihood of revisiting the previous all-time high of $3.55, aligning with the Fibonacci level of 1.0.
Additionally, XRP will be in the process of price exploration to potentially reach the Fibonacci extension level of 1.618 at $5.64 in the first half of 2025.