How high can XRP price go?
2024.11.18 05:57
XRP (XRP) has soared 134% since the US election on Nov. 6, pushing its year-to-date returns into positive territory with gains exceeding 80%. XRP price has also exceeded $1 for the first time since December 2021.
XRP/USD weekly price chart. Source: TradingView
Currently, technical conditions show XRP as an overbought asset, which typically amounts to a period of consolidation or outright correction.
While that’s very possible, the cryptocurrency’s longer-timeframe charts hint at more gains in 2025.
XRP price pulls back after 3-year highs
On Nov. 16, XRP’s daily relative strength index (RSI) soared above 93, an overbought level not seen since March 2017. The spike came alongside a massive 42% single-day price surge, driving the XRP/USD pair to a high of approximately $1.25.
XRP’s price has retraced by about 9.75% since, and is now stabilizing above the critical $1 mark, which has flipped from resistance to support.
The consolidation trend suggests that traders are taking a pause to prepare for the market’s next move.
XRP/USD daily price chart. Source: TradingView
That leaves XRP markets with a conflicting bias, with an overbought RSI favoring possibilities of further correction rather than price rises.
Should a correction ensue, XRP price can decline toward its 1.0 Fibonacci retracement level support of around $0.936, down about 18% from the current price levels.
Related: XRP price retreats 20% after hitting a multiyear high — Is the top in?
On the other hand, XRP’s continued momentum could have it retest the local high of around $1.25 in the coming days, but breaking it in the near term could be problematic for the bulls, based on the given technical setup.
XRP/USD weekly chart puts 50% gains in play
On the weekly chart, XRP appears to have broken above a giant symmetrical triangle pattern in November, ending a seven-year-long consolidation trend.
Interestingly, the triangle breakout is similar to the one in March 2017, which preceded a 46,440% price rally.
XRP/USD weekly price chart. Source: TradingView
As of Nov. 18, XRP is consolidating between its 0.236 and 0.382 Fibonacci retracement levels, aligning with the $0.87-1.35 area.
The XRP/USD pair must break above $1.35 to confirm a long-term bull cycle. That may happen after Donald Trump fires Gary Gensler from his role as the Securities and Exchange Commission (SEC) chairman; and further if the agency approves spot XRP exchange-traded funds (ETF) in the US.
The primary upside target for this bullish scenario into 2025 appears to be around $1.75, coinciding with its 0.5 Fib line, up roughly 50% from current price levels.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
