In a surprising yet speculated move, the XRP price broke above a pattern and pierced through the crucial resistance, suggesting a massive rise in the strength of the bulls. FOMO has been in play at the moment, which has submerged the risk associated with the token for a while. Therefore, the XRP price continues to display a huge bullish potential in the coming days, which may unfortunately follow a notable pullback.
The anticipated launch of it’s native stablecoin, RLUSD, is speculated to increase the demand for XRP. With it’s debut over the XRP ledger and Ethereum chain, the XRP’s utility is expected to increase, mainly in terms of transactions and remittances. The token has sored over 12% in minutes as the rounds of RLUSD launch circulated the crypto space. Therefore, once the token is launched, the XRP price is believed to launch a massive bullish run, forming a new ATH probably above $4 shortly.
The daily chart of XRP price suggests the token has just broken out from a decisive symmetrical triangle and is about to validate a rise above the final resistance zone below the yearly highs. The volume over the platform has risen considerably, making it the 4th most traded token after USDT, BTC, & ETH. Besides, the RSI has triggered a bullish divergence and rising over the RSI-based MA, which is a 14-day SMA. On the other hand, the MACD indicates a drop in the trading volume and a probable bullish crossover.
Now that the technicals have turned bullish, the XRP price is believed to maintain a considerable ascending trend and eventually reach the yearly highs at 1 FIB. With this, the token will confirm a breakout from the bull flag, which may result in a similar rise as the pole of the pattern. Considering this, the next highs could be somewhere around $3.5 while the ATH still remains pretty aloof. In the coming weeks, the XRP price is believed to continue to test the upper target and eventually mark a new ATH at around $4.2 in the first few weeks of 2024.
