- The price of XRP has risen more than 25% over the past seven days.
- If history repeats itself, XRP may reach its ATH in late 2024 or 2025.
Like most cryptocurrencies, Ripple (XRP) Last week also saw a huge performance, gaining bullish momentum. It was interesting to note that the token’s current state is similar to the last rally, which resulted in XRP hitting an all-time high a few years ago.
Let’s look at some indicators to see if history is likely to repeat itself.
Historical Trends of XRP
According to CoinMarketCap dataXRP bulls have clearly been dominant over the past week, with the token seeing a price increase of more than 25% during that period.
At the time of writing, the token was trading at $0.538 and had a market cap of over $30 billion, making it the seventh-largest cryptocurrency.
While this was happening, popular cryptocurrency analyst Milkybull posted: Twitter Pointing out an important development, the tweet states that XRP is following a similar pattern to 2017.
A bullish pennant formed on the chart that year, and breaking through the pattern, the token reached its ATH the following year.
A similar flag was formed in 2024. So, if history repeats itself, investors could witness XRP hitting new all-time highs in the coming months.
Source: X
Odds of a bull rally
Because history could repeat itself, AMBCrypto analyzed Santiment’s data to see what indicators might be relevant.
Analysis shows that the token’s MVRV ratio has increased sharply, which can be inferred as a bullish signal. The token’s network growth has remained high, which means that more new addresses have been created to transfer tokens.
Additionally, there has been increased buying pressure on the token, which is evident in the decrease in supply on exchanges. However, as the price of XRP has increased, the NVT ratio has also skyrocketed.
This suggests that the token is overvalued and could see a price correction in the short term.
Source: Santiment
The price of XRP has reached the upper limit of the Bollinger Bands, which often leads to a price decline. In addition, the Relative Strength Index (RSI) has been trading sideways after a sharp rise.
These indicators suggested that there may be a slowdown or even a price decline for several days. Nevertheless, the MACD remained bullish for the token.
Source: TradingView
read Ripple (XRP) Price Prediction 2024-25
We then checked the data from Hyblock Capital to find immediate support and resistance levels for XRP. According to our analysis, if bulls continue to dominate the market, the token’s price could soon reach $0.578.
However, as some market indicators show, if the trend reverses, the token could crash to $0.510.
Source: Hyblock Capital