XRP is showing strong market moves with high trading activity and rising investor confidence fueling its momentum.
The recent breakout above $0.42 suggests a potential rise to $5 if the market trend continues in the coming months.
Ripple's growing adoption and better clarity in regulations support a more sustainable price rise compared to previous rallies.
XRP could be gearing up for a price surge as Crypto Patel’s analysis highlights key market developments. The cryptocurrency has recently broken resistance levels, and its performance mirrors patterns seen during its historic 2017 rally. Patel believes XRP may reach $5 by February 2025 if this bullish momentum continues.
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XRP Breaks Key Resistance Levels
XRP’s recent move above the $0.42 level marks a milestone in its price action, signaling strong buyer activity. Patel refers to this level as “Level Two,” and breaking it sets XRP on a path for higher targets. The November 2024 monthly candle recorded high trading volumes, which indicates that market interest in the token is growing rapidly.
In 2017, XRP experienced one of the biggest rallies in digital asset history when its price rose over 7,400% in just three months. Patel observes that XRP’s current price structure closely resembles its 2017 setup, suggesting the potential for another l upward move. The next critical resistance level stands at $3.90, which was XRP’s all-time high during its previous bull run. Patel says this level is crucial for XRP to reach $5 and beyond.
Four Price Levels to Watch
Patel’s analysis identifies four major price levels that could shape XRP’s path in the near future. The first level is $0.0053, which was the starting point of XRP’s 2017 rally. The second is $0.42, a resistance that XRP recently broke, confirming its bullish trend.
The third level is $3.90, where XRP previously peaked in 2017. Patel suggests this could act as a key resistance that XRP must overcome to maintain momentum. The fourth level is $10.34, which is the long-term target if the bullish rally continues after hitting $5.
Besides these levels, the increase in shareholder confidence in XRP is also worth noting. Improved regulatory clarity in the United States and increased institutional interest in Ripple’s solutions have boosted investor optimism. These factors, combined with strong market participation, have created an ideal environment for the token to rally.
Can XRP Repeat Its 2017 Performance?
The anallyst draws attention to the token's similarities to its 2017 rally, where it soared from under $0.01 to nearly $4. The current escalating setup, along with high trading volumes and market optimism, suggests that XRP could repeat this feat.
With its system now more mature and adoption increasing, the coin has stronger fundamentals than it did in 2017. Patel believes that the digital asset is well-positioned to achieve its predicted targets. If the currency surpasses $3.90, traders and investors could see price action toward $5 and beyond.
