XRP shows signs of a strong bullish continuation as it consolidates within a well-defined re-accumulation phase, bringing the cryptocurrency closer to its all-time high. The token’s daily chart analysis highlights key technical levels, reinforcing the case for a likely breakout in the coming weeks.
The chart reveals two crucial accumulation zones: an earlier phase that fueled XRP’s prior rally and a re-accumulation zone between $3.29 and $2.80, where the cryptocurrency’s price stabilizes. This range aligns with a critical support area around the $2.90-$2.72, confirming its importance in sustaining XRP’s upward momentum.
Market experts note that maintaining price action above this threshold is essential for sustaining upward momentum. Besides, the token’s value is trading above all key short- and long-term moving averages, hinting at sustained bullish sentiment in the near future.
XRP’s $5.85 Price Target
XRP’s bullish momentum is gaining traction, with analyst Dark Defender forecasting a crucial move on the horizon. According to the analyst, XRP is consolidating within a symmetrical triangle on the 4-hour chart, with a breakout anticipated in the next 16-20 hours. This aligns with the Elliott Wave structure outlined in August 2023, which targets a crucial price level of $5.85, with further extension waves pushing the XRP token beyond $18 in a full bullish cycle.
Not to be overlooked, the 4-hour chart highlights XRP’s imminent price action as the triangle pattern approaches its apex, supported by the Ichimoku Cloud—an indicator of strong upward momentum. However, achieving these targets depends on XRP maintaining its momentum above critical support levels, solidifying its position for continued gains.
Similarly, according to STEPH IS CRYPTO, the next three months could deliver extraordinary daily gains of 20-30%, reminiscent of the token’s explosive rallies in previous cycles. STEPH’s chart reinforces this optimistic outlook by drawing parallels between XRP’s current position and its past market cycle.
THIS IS A WARNING TO ALL #XRP HOLDERS!
The next 3 months are going to be incredible.
Daily gains of 20-30% will become the norm once again. pic.twitter.com/TQ1urbZbNN
— STEPH IS CRYPTO (@Steph_iscrypto) January 27, 2025
The “We’re here now!” annotations suggest that XRP is at a critical juncture, mirroring the 2017-2018 breakout phase when the token skyrocketed to its all-time high. Technically, the cryptocurrency’s growing bullish sentiment is further validated by the increase in open interest, as shown in Coinglass data.
As of press time, the XRP’s open interest surged to $6.87 billion, reflecting heightened trader activity and interest in the cryptocurrency. Simultaneously, the token’s price has stabilized at $3.02, signaling strong support in this range.
The consistent rise in open interest suggests that market participants are positioning themselves for the anticipated breakout, aligning with analyst predictions of an upward move. Historically, such spikes often precede major volatility, further supporting the bullish case for XRP’s trajectory toward the $5.85 target and beyond.
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