XRP price reached its multi-month high, and analysts are discussing the asset's future horizons. Let’s examine the current circumstances and forecasts for XRP.
XRP at Record Status
XRP is currently holding steady after reaching a multi-month high of $3.66, attributed to regulatory clarity and institutional adoption. XRP’s market cap has now surpassed $210 billion, solidifying its position as the third-largest cryptocurrency.
Classic Chart Patterns
On the 4-hour chart, XRP has formed a classic bull pennant. A breakout above the pennant’s upper line could trigger a fresh rally with a technical target of around $4.20. XRP is currently holding above the 50-day EMA, reinforcing bullish momentum. The RSI is also in neutral territory, allowing room for further gains.
XRP Dominance Level and Future Targets
Analyst Dom points out that the XRP Dominance Index (XRP.D) is yet to confirm bullish continuation while sitting below the critical resistance level of 5.50%. He suggests that a breakout above this level could correlatedly double the XRP price to $7 - $10 depending on broader market sentiment.
XRP showcases impressive growth moments, drawing the attention of analysts. Future price movements will depend on further market signals and asset behaviors.
