XRP is becoming the focal point in the cryptocurrency market, with a spectacular bullish trend and the prospect of breaking the $3.3 level – the previous all-time high (ATH). After a strong 271% increase in November, XRP is now testing the important supply area from $1.75 to $1.95.
Important supply area: $1.75 - $2.4
According to analyst Blake, the area from $1.75 to $1.95 is a supply zone lasting 7 years. XRP has surpassed the $1.75 mark and is currently trading near $2.4, with expectations that if it closes the week above $1.95, it will trigger a new rally towards $3.3.
• Strong move: XRP has recovered 36% in just a few days, marking an impressive comeback after a 13% decline at the end of November.
• New ranking: XRP has now surpassed Binance Coin (BNB), becoming the fifth largest cryptocurrency by market capitalization.
Target $3.3 and beyond
Analyst Chad Steingraber compared the current rally to XRP's growth cycle in 2017 when it rose over 746% in just one month.
• If this trend continues, XRP is likely to surpass the ATH of $3.3 in the short term.
• The potential to reach $5 will depend on the continuation of the current bullish trend and positive factors from the overall cryptocurrency market.
Main driving factors
1. Market confidence: After reaching a record increase, XRP has attracted many new investors.
2. Institutional capital flow: The rise of institutional investors is pushing XRP's price higher.
3. Community expectations: With the breaking of key resistance levels, XRP is positioning itself as a strong candidate in the new bullish cycle.
Conclusion
If XRP surpasses $3.3, the target of $5 is not far off. This bullish rally is reminiscent of the cryptocurrency market's golden period in 2017, bringing great hope for investors. Now, all eyes are on XRP – will it set a new record?