The recent surge in XRP price has caught the attention of analysts discussing its potential for further record-breaking growth.
XRP Price Soars to New Heights
Over the past week, XRP's price has risen significantly, reaching a new record high of $3.66 on Friday. This increase represents nearly 90% compared to April's lows.
Signals of a Strong Bull Wave for XRP
Popular analyst Dom notes that while XRP has hit multi-year highs, a few other charts haven't signaled full bullishness yet. The XRP dominance chart indicates resistance at the 5.50% level, which has held for over 2200 days. The analyst stated, "Anytime $XRP.D broke the current resistance in the past, we saw a 2x shortly after."
Technical Levels and Future Forecasts
The current technical setup of XRP/BTC also displays bullish signs as XRP aims to break through a key resistance zone that has suppressed it since mid-2019. An analyst emphasized that any closure above 5.75% for XRP.D could trigger an "explosive" increase. The charts also suggest XRP could reach a price level of $20 if current resistance is breached.
Thus, analysts view XRP as an asset with high growth potential based on current technical indicators and historical trends.
