- XRP approaches its highest quarterly close, showing similarities to the price movement prior to its 2017 surge.
- Analysts point to a possible rally toward $15 if current trends continue.
- On-chain signals, including the MVRV Z-Score and holder activity, support a bullish outlook.
- Technical indicators also suggest price targets between $5 and $15, but note the risk of corrections.
- Potential corrections could push XRP down to $1.27, based on current technical patterns.
XRP is nearing its highest close for a quarter, echoing a past price setup that resulted in significant gains, according to technical analyst Milkybull Crypto. As the third quarter draws to a close, XRP trades near $2.86, posting a 28% increase over the last three months.
Analysts suggest that if XRP stays above this level by the quarter’s end, it may extend its upward move toward $15. In 2017, the asset ended the fourth quarter above $0.02, breaking through resistance and eventually reaching an all-time high near $3.31 within a year. Milkybull Crypto highlights that the current market resembles this 2017 environment, stating, “Already broken above the resistance as it similarly did in 2017.” This analysis points to possible targets in the $5 to $15 range if the trend persists.
Technical patterns, such as a symmetrical triangle breakout and bull flag formation, reinforce these bullish price targets, noting that similar setups preceded XRP rallies in previous cycles. Additional on-chain metrics are also positive. The MVRV Z-Score—a tool measuring the distance between market value and average price holders paid—remains below “overheated” levels, according to data from Glassnode. This suggests more room for XRP to grow, with potential for further gains before entering riskier territory. Wallets holding 10 to 100,000 tokens have stayed constant through recent corrections, showing no signs of major sell-offs.
Some market risks remain. XRP now trades 470% above its November 2024 low of $0.50 and has recently moved within a broadening wedge pattern, which carries a history of corrections. Technical charts show the asset has retreated from an upper trendline and could test the lower trendline near $1.60, positioned between the 100-week and 200-week exponential moving averages. Divergence between rising prices and a falling relative strength index (RSI) indicates slowing momentum, which could lead to a drop toward the 200-week EMA at approximately $1.27, about 55% below current levels.
This article does not offer investment advice. All trading decisions carry risks. For more details, please consult the full analysis by Milkybull Crypto.
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