According to analysts, XRP is just days away from hitting an all-time high 🤑🚀

$BTC With XRP price attempting to recover in the short term, the token’s technical setup suggests that a breakout to a new all-time high supported by massive whale accumulation could be imminent.#xrp

With XRP holding above the crucial $2 support area, the asset is consolidating near the 0.786 Fibonacci retracement level, an area typically associated with bullish trend reversals, according to an analysis by The Great Mattsby in an X post on Jan. 10.

In this case, a break above the 0.886 Fib level at $2.36 could serve as a starting point for XRP to rally towards its all-time high.

The analysis highlighted the current strength of XRP, which remains above the Ichimoku Cloud, a key indicator that signals an uptrend. The cloud acts as a support area, helping to protect XRP from potential downward price movements.

In addition, XRP is trading above the Conversion Line ($2.33) and the Base Line ($2.31), reinforcing the strong bullish momentum and overall trend stability. The Conversion Line represents the short-term price momentum, while the Base Line indicates the longer-term price equilibrium, supporting the bullish outlook when the price is above them.

As for the next price action, the trading expert noted that XRP could briefly revisit the upper boundary of the Ichimoku Cloud at $2.35 before making its decisive move upwards. If the price breaks above $2.36, it could spark a rapid rally to new all-time highs, which he believes could be just days away.

XRP price path to $3

Meanwhile, another cryptocurrency trading analyst, known as Captain Vibek, shared the same bullish outlook, suggesting in a post on X on January 11 that the Ripple-related token could target $3.66.

This optimism is supported by the fact that XRP has broken out of a descending channel, indicating a bullish shift in momentum. This breakout comes after weeks of consolidation above the $2 mark, with XRP now trading near the upper boundary of the channel.

Likewise, on-chain data may offer hints about what’s next for XRP. Specifically, data shared by prominent analyst Ali Martinez on January 10 indicated that XRP whales were on a massive buying spree, amassing nearly 1 billion tokens in just 48 hours.

Historically, this buildup often indicates increased confidence in an asset, and is often preceded by large price increases.

It is worth noting that XRP struggled to break through the $3 resistance zone despite breaking out of a long consolidation period at the sub-$1 level. This previous move was spurred by optimism over the election of Donald Trump and its perceived positive impact on the crypto space.

To this end, market participants believe that XRP may extend its gains under the Trump administration amid expectations of crypto-friendly policies and regulatory bodies that may lead to more use cases for XRP through its parent company, Ripple.

For example, Ripple's ability to power transactions may find more applications after David Stryzewski, CEO of Sound Planning Group, claimed that Bank of America (NYSE: BAC ) was using XRP in 100% of its internal transactions.

In the current scenario, XRP is showing a bullish bias, considering that the asset shows moderate volatility of 5.20% and remains above the 50-day simple moving average (SMA) of $2.14. This bias extends to the long-term outlook, as the value remains well above the 200-day simple moving average of $0.96.

The 14-day Relative Strength Index (RSI) is at 54.46, indicating neutral momentum.

However, XRP may face some volatility in the coming weeks as Ripple plans to launch another round for the asset, with nearly $700 million worth of XRP hitting the market in January.

XRP

2.5586

+9.04%