Multiple technical charts and indicators point to a strong potential for XRP price to launch a parabolic rally in the coming weeks.
Key takeaways:
XRP price has recently reached multiyear highs at $3.66, suggesting room for further growth.
Several XRP charts hint at an “explosive” breakout, aiming for $7 to $20 if significant resistance levels are surpassed.
XRP’s price surged nearly 90% since April lows, hitting $3.66 recently. Despite this strong move, analysts believe the asset has yet to begin its true parabolic rally phase.
XRP Dominance Signals Massive Bull Run
Crypto analyst Dom noted that although XRP has hit multiyear highs, some indicators, such as the XRP dominance chart, have yet to signal a full bull market.
XRP dominance (XRP.D) is approaching a key weekly resistance near 5.50%, a level that has capped XRP’s market share for over 2,200 days.
Historically, breaking this XRP.D resistance has resulted in a doubling of market share shortly after, potentially pushing XRP price towards $7 to $10 depending on overall market performance.
Bitcoin Pairing Suggests Explosive Upside
XRP shows bullish momentum against Bitcoin as well, aiming to break a major resistance zone in place since 2019.
Clearing this zone could trigger a significant price rally reminiscent of the 2018 surge.
A bullish moving average convergence divergence (MACD) crossover supports this potential upward momentum.
Technical Chart Targets $20 for XRP
The monthly price chart shows XRP forming a bull pennant pattern with the all-time high at $3.84 as key resistance.
A monthly close above the pennant’s upper trendline near $2.55 may clear the way for a price target above $18, implying a 417% gain from current levels.
Traders emphasize that this technical setup points to $20 as a likely target by the cycle’s end.
This article is for informational purposes only and does not constitute investment advice. Trading cryptocurrencies involves risk. Please conduct your own research before making financial decisions.
