XRP (XRP) has led the broader cryptocurrency market with a 12% increase in the past 24 hours, bringing total gains since the beginning of November 2024 to 466%.
The rapid recovery from the low of January 3 at $2.20 has led analysts to believe that the price of XRP will rise to double digits this year.
Daily chart XRP/USD. Source: TinTucBitcoin/TradingView
XRP/BTC breaks through 8-year resistance
XRP has underperformed Bitcoin since the 2017 bull cycle before recovering at the end of 2024.
With the weekly closing price above 0.000015 in the last week of November 2024, the XRP/BTC pair has broken through a resistance level that has persisted for years. Note that this line has served as a resistance threshold for this currency pair since 2017.
Data from TinTucBitcoin and TradingView shows that XRP/BTC closed the week at 0.000026 on January 12, marking the highest weekly candle since October 2022.
Weekly chart XRP/BTC. Source: TinTucBitcoin/TradingView
Market analysts predict that XRP's continued outperformance against BTC could push this ratio to an all-time high of 0.000245 reached in May 2017.
See more: Technical indicators predict Bitcoin prices peak in summer 2025
"The strong breakthrough of XRP against the Bitcoin pair with large trading volume," said XRP analyst Steph Is Crypto in a post on January 14 on X.
Based on his analysis of the XRP/USD pair in the monthly timeframe, the analyst added that;
"I expect XRP to outperform Bitcoin by at least 538% in the coming months."
Monthly chart XRP/BTC. Source: Steph Is Crypto
The reason stems from a market structure on the monthly chart, currently following the bullish wave of XRP in 2017.
Overall, the current price action of XRP against BTC signifies that the market is paying attention to the altcoin as it approaches the all-time high of $3.84 from 2018.
The number of XRP holders is increasing
Alongside the favorable market structure, the XRP ecosystem has also witnessed a series of positive events attracting more investors.
A chart shared by market research firm Santiment shows that the total number of XRP holders has increased by an additional 58K since the beginning of 2025.
See more: Floki DAO expands liquidity for Floki ETP in Europe
Total number of non-empty wallets for top cryptocurrency assets. Source: Santiment
The significant increase in the number of XRP holders indicates that "the community feels comfortable with the project in the long term," according to Santiment.
XRP price breaks through bullish pennant pattern
The rise of XRP above the psychological level of $2.50 on January 11 has seen the price break through the bullish pennant pattern, as indicated by independent trader Mikybull Crypto.
This pennant, formed on December 2, 2024, has a short-term target of $3.70 based on Fibonacci levels, according to analysis by Mikybull Crypto. This indicates a 32% increase from the current price of $2.85.
Moreover, the analyst predicts a strong surge to new all-time highs and beyond.
"The XRP train to new all-time highs has started. This strong pump will be widely covered by the media."
Daily chart XRP/USD. Source: Mikybull Crypto
For Steph Is Crypto, this bullish pennant is part of a larger bull flag that has formed since November 5, 2024. His analysis sets a technical breakout target for the bull flag above $14, a strong increase of 390% from the current level.
See more: MicroStrategy shares drop 8% after Bitcoin purchase at year-end
Source: Steph Is Crypto
Donald Trump's election as President of the United States on January 20 could be another catalyst for XRP, possibly leading to the approval of spot XRP ETF funds in the U.S.
This could attract between $4 billion to $8 billion in new net assets, according to JPMorgan.