The price of XRP has increased following a confirmed multi-year breakout. Analysts attribute this growth to changes in the market and active trader interest.
Technical Targets and Outlook
Analyst Ali Charts has set a target price for XRP at $12.60, based on the calculated height of the triangle formation. This strategy aligns with classical breakout measurement methods and is comparable to previous XRP price rallies in 2017. The analysis indicates that current conditions may support further growth, which is also backed by traders' expectations of a 'giga run' phase.
Current Technical Landscape of Ripple
XRP faces persistent resistance at the $3.5-$3.40 levels, limiting recent gains. The support range lies between $3.10 and $3.15, guarded by buyers. Throughout the month, XRP has maintained a bullish trend despite recent price fluctuations. The total market capitalization of the token stands at $185.62 billion, though it recently recorded a slight dip of 4%.
Macroeconomic Factors and Network Growth
The resolution of the SEC lawsuit against Ripple has removed regulatory uncertainty, boosting institutional activity in the market. CoinGlass data confirms an increase of 3.2% to $11.57 billion in open interest in Altcoin derivatives. Whales are also increasing their positions during the breakout phase. Broader economic conditions, including reduced inflation expectations and accommodating central bank policies, have a bullish impact on the cryptocurrency market.
The surge in XRP's price after the breakout and the strengthening market position reflect interest from both short-term and long-term investors. Maintaining key levels and positive institutional activity may pave the way for future growth.
