XRP has experienced a significant drop, nearly 30% since reaching its seven-year high of $3.39 in January. Nevertheless, recent bullish news, including Ripple’s potential resolution of its SEC lawsuit and acquiring a new license in Dubai, has instigated a notable rebound. As of March 24, XRP was trading as high as $2.47, up 38% from its year-to-date low of $1.79.
So, how high can the XRP price go from here? Let’s delve into some technical analyses.
XRP Parallel Channel Projects $2.77 Target
XRP is currently climbing within a rising parallel channel, demonstrating resilience as it approaches a critical resistance level.
- XRP/USD has shown a recovery after testing the channel’s lower trendline as support at around $2.37, which aligns with the 50-4H exponential moving average (50-4H EMA).
- The pair is aiming for a retest of $2.59—the 0.618 Fibonacci retracement level—which previously acted as a strong resistance point.
- A successful breakout above this resistance could drive XRP towards the upper trendline of the channel, estimated near $2.77, corresponding with the 0.786 Fibonacci level.
Market analyst Dom has emphasized the necessity for XRP to stabilize above $2.50 to sustain bullish continuation.
XRP Symmetrical Triangle Breakout Looms
XRP is displaying a significant bullish signal on its higher time-frame chart, coiling within a symmetrical triangle pattern that suggests a breakout may soon occur.
- A symmetrical triangle typically forms when the price consolidates within the triangle structure after an uptrend or downtrend.
- This pattern likely resolves with the price breaking out in the direction of its previous trend, potentially resulting in considerable price movement.
With the triangle pattern emerging after XRP’s 575% rally between November 2024 and January 2025, further advances are possible in the upcoming weeks.
XRP Liquidation Heatmap and Future Targets
The Binance XRP/USDT liquidation heatmap shows critical liquidity zones, highlighting where large liquidation events may happen. These zones can influence price direction due to the amount of liquidity available.
- A significant concentration of liquidations is noted around $2.66. If this level is breached, it could trigger a liquidation squeeze, propelling prices toward $2.98.
In conclusion, while XRP has weathered significant fluctuations, recent trends and market movements suggest potential upward momentum. Investors are encouraged to stay informed and conduct thorough research before making any trading decisions.
This article does not constitute investment advice. Every investment and trading decision involves risk, and readers should perform their own due diligence.
