XRP is the Largest Token After BTC & ETH Despite Trading Below $3-Here’s What to Expect if the Price Marks an ATH
In a surprising but speculative move, Ripple price A breakout of the pattern and a break above a key resistance level indicates a sharp rise in bull power. Currently, FOMO has been at play, which has temporarily masked the risks associated with the token. Therefore, XRP price continues to show significant bullish potential in the coming days, which unfortunately could lead to a significant pullback.
The launch of its native stablecoin RLUSD is expected to increase demand for XRP. With the debut of the XRP Ledger and Ethereum chain, XRP’s utility is expected to increase, primarily in transactions and remittances. As several rounds of RLUSD were circulated in the cryptocurrency space, the token dropped more than 12% in a matter of minutes. Therefore, once the coin is launched, XRP price is believed to start a massive bullish move that could lead to the formation of a new ATH above $4 soon.
The daily chart of XRP price suggests that the coin has just broken out of a decisive symmetrical triangle and is on the verge of validating its breakout of the final resistance zone below the yearly highs. The platform has seen a significant increase in trading volume, making it the fourth most traded coin after USDT, BTC and ETH. Additionally, the RSI triggered a bullish divergence and crossed above the RSI-based MA (i.e., the 14-day moving average). MACD, on the other hand, indicates declining trading volume and the possibility of a bullish crossover.
Now that the technical picture has turned bullish, XRP price is expected to maintain a considerable upward trend and eventually reach a yearly high of 1 FIB. In this way, the coin will confirm a breakout of the bull flag pattern, which may lead to a rise similar to the extreme of the pattern. With this in mind, the next high will likely be around $3.5, with ATH still quite far away. In the coming weeks, XRP price is believed to continue to test the upper limit target and eventually reach new highs around $4.2 in the first few weeks of 2024.
