XRP has made significant strides in its price movement, surpassing previous all-time highs and uncovering new levels. Analysis indicates that the current achievements may signal further growth.
Historic Breakout and Technical Milestones
XRP convincingly broke through the $3.40 level, establishing a new all-time high. The current surge reached $3.60, hitting the 1.618 Fibonacci extension, a critical target for the third wave in Elliott Wave theory.
Short-Term Caution Amid Long-Term Strength
Despite the bullish backdrop, there are early signs of exhaustion on lower timeframes. A bearish divergence is appearing on the 4-hour chart, indicating a possible short-term pullback. Key levels to watch are $3.40 and $3.20.
Market Sentiment and Fundamental Backing
The recent price explosion occurs amid improving fundamentals for Ripple. The conclusion of legal battles with the U.S. Securities and Exchange Commission could pave the way for institutional adoption. Additionally, Ripple continues to enhance its international partnerships.
XRP is on the brink of a new growth phase, overcoming historical price levels and strengthening its market position. Focus is expected to shift towards the next key resistances.
