Key Takeaways
XRP’s performance in the last market cycle left holders disappointed.
Unlike the rest of the market, the price failed to reach a new all-time high, instead peaking at $1.96 in April—a lower high relative to its 2018 all-time high of $3.31.
The underperformance spilled over the current cycle as XRP lagged behind other cryptocurrencies.
This all changed in November 2024, when the XRP price skyrocketed 400%, reaching a high of $2.90, slightly below the all-time high of $3.31.
Although a correction followed, XRP broke out last week, coinciding with the positive Ripple announcement of a partnership with Chainlink to use its CCIP for the RLUSD stablecoin.
Let’s analyze the charts and see if this is the upward movement that takes the XRP price to a new all-time high.
XRP has corrected since its 2024 of $2.90 on Dec. 3.
The correction was contained inside a descending parallel channel, a pattern often associated with corrective structures.
As was expected, the XRP price broke out from the channel on Jan. 11 (white icon), indicating that the correction has ended.
XRP initiated the breakout after trading inside the channel for 40 days. As a result, the ensuing breakout could continue for several weeks.
If XRP closes above the $2.60 resistance area, it will confirm the upward movement toward the yearly high. The area has caused two rejections (black icons) until now.
Technical indicators legitimize the XRP price breakout.
The Relative Strength Index (RSI) broke out from its resistance trend line (dashed) and then increased above 50, a level signaling a bullish trend.
The Moving Average Convergence/Divergence (MACD) has made a bullish cross (black circle) and is above 0, another sign of a bullish trend.
So, the daily time frame readings show a bullish trend with the potential to take XRP above its 2024 high of $2.90. A close above $2.60 will confirm this outlook.
XRP’s wave count suggests the upward movement is legitimate, and the price will reach a new all-time high.
According to the count, XRP has started the fifth and final wave of an upward movement beginning in July 2024.
In this count, wave four developed into a symmetrical triangle instead of a channel. The sub-wave count is in black, illustrating that the decline is over.
The main target for the top of the fifth wave is $3.55-$3.60. The 1.61 external Fibonacci retracement creates the lower limit (black) of the target, while the upper limit is created by giving wave five the same length as wave one (white).
Both would be new all-time high prices for XRP.
The long-term count aligns with the possibility. According to it, the price is in wave C of a long-term A-B-C corrective structure. Wave C started with a breakout from a 1,300-day triangle and has a preliminary target of $3.70.
Based on this analysis, all signs point to a continued upward movement for XRP toward the $3.55-$3.70 region. Afterward, the XRP price could begin a lengthy correction that retraces a portion of the entire upward movement starting in July 2024.
The XRP price has broken out from a 40-day resistance, signaling it started the final portion of its upward movement. A close above $2.60 will confirm this outlook, leading to a minimum target of $3.45-$3.60. This would be a new all-time high XRP price.