Can XRP price reach $20? These charts say ‘full bull’ phase is still ahead.
Multiple chart technicals and indicators suggest that XRP price has the potential to stage a parabolic rally over the next few weeks.
XRP price just hit multiyear highs of $3.66, but technicals suggest there’s more room to run.
Multiple XRP charts signal a potential “explosive” move, targeting $7-$20 if key resistances are broken.
XRP price has risen significantly over the last seven days, climbing to a new record high of $3.66 on Friday, and up nearly 90% since its April lows.
Despite this impressive performance, several technical setups suggest that XRP price is yet to enter its parabolic phase, according to analysts.
XRP dominance “signalling a mega bullish wave”.
Popular crypto analyst Dom said that although XRP hit multiyear highs on Friday, a few other charts “haven’t really signaled full bull just yet.”
One of these is market share, or the XRP dominance (XRP.D) chart, which shows that XRP is back at the weekly resistance level around 5.50%. This resistance has held XRP.D down for over 2,200 days.
XRP is about to hit $200B market cap for first time; price nears record.
“Anytime $XRP.D broke the current resistance in the past, we saw a 2x shortly after,” Dom explained, adding:
“If history repeats after a successful break, this would land us near a target of $7-$10, depending on how much the rest of the market moves.”
“Not everyone is paying attention to the XRP Dominance, but I truly believe it’s signaling a mega bullish wave!” Fellow analyst Egrag Crypto said in a post on Saturday.
The metric has broken out of a bull pennant in the two-week time frame, projecting XRP dominance between 21% and 275%.