XRP has broken through the previous all-time high of $3.40, reaching $3.65, a significant advancement long awaited by the community. Over the past week, XRP has increased by more than 40%, breaking out of the large symmetrical triangle pattern that has formed since the beginning of the year.
The breakout began around July 9, with strong momentum extending into the following days. XRP has surpassed the resistance level of $3, a price point that has often acted as both support and resistance this year.
Why is $3 So Important?
According to analyst Lark Davis, the $3 level is very important. In January and March, this level served as a significant barrier, first as support and then as resistance. Now that XRP has surpassed this level, the big question is: can it maintain that level?
If this happens, analysts believe that XRP could rise to $4.10 or even $4.50 based on technical forecasts. This target is based on the height of the triangle pattern that XRP has just broken out from.
All Eyes Are on the Retest
In the short term, the next developments may depend on the movement of XRP around the $3 mark. If the price tests the $3 mark again and holds, it could be a strong signal for a subsequent bullish trend. If the price drops below this level again, XRP may trade sideways in the range of $2.60 to $3.
How High Can XRP Go This Year?
The extended Fibonacci levels indicate a potential price of $4.68. And if Bitcoin continues its bullish trend towards $150,000, XRP could even rise to $5 or more this year.
The options market also shows that traders are betting on the potential for price increases. According to data from recent call options, there is nearly a 20% chance that the price of XRP will reach $4.50 by September.
Could we see XRP reach $7 by the end of this year if Bitcoin hits $200,000? Davis says that it is possible, but it would require a significant push. A $10 XRP would mean a market cap of $590 billion - while this is not impossible, it certainly represents a very high barrier.