XRP Breaks 7-Year Price Trend, Setting Its Sights on New Highs

XRP, the native token of the Ripple network, is seeing significant momentum after breaking a seven-year price trend, positioning itself for a potentially explosive rally. The cryptocurrency recently closed its highest weekly candle in years, reaching $2.60. This marks the first time since January 2018 that XRP has achieved a higher high, signaling a shift in its market structure and reinforcing its bullish outlook.

The "Most Powerful Chart in Crypto"

Peter Brandt, a well-known veteran trader, has dubbed XRP’s chart as “the most powerful chart in all of crypto,” highlighting the token's impressive breakout from a multi-month symmetrical triangle pattern. Brandt pointed to XRP’s chart as evidence of strong bullish momentum, with the price climbing toward its all-time high of $3.40. According to Brandt, this market structure suggests that XRP is poised for further upside, with the potential for even more substantial gains in the near future.

The token's price action has caught the attention of many in the crypto space, with Brandt’s comments underscoring the significance of the breakout. He believes that the technical setup points to continued bullish strength for the altcoin, setting it apart from other cryptocurrencies.

Key Levels to Watch

For traders looking to gauge XRP's next moves, independent trader Dom has identified $2.67 as a critical level for trend continuation. On the 1-hour chart, Dom noted that while XRP's recent move to $2.60 was positive, converting that resistance level into support is key for further price action. He emphasized that any price movement below $2.67 should be considered noise, and that sustaining above this threshold is crucial for maintaining bullish momentum.

In the short term, the $2.67 zone represents a key battleground. If XRP can consolidate above this level, it could solidify its position for a push towards higher targets. Traders will be closely monitoring this price point as an indicator of the token's strength in the market.

Skepticism Amid the Bullish Rally

Despite the positive technical signals, not all market participants share the same outlook on XRP's recent price movement. Rajat Soni, a personal finance educator and CFA, expressed skepticism about the recent rise in XRP's price, suggesting that the surge may be a "pump and dump" rather than a sustainable rally. Soni raised concerns that the rise in XRP's price over the past month appeared "unnatural," a sentiment that contrasts with the optimistic technical analysis presented by others in the market.

While some traders remain cautious, the broader sentiment in the market appears to favor the bullish narrative, especially with XRP's chart showing continued strength and upward momentum.

Bullish Pennant Targets $3.80

XRP’s technical indicators also suggest that the token is setting up for another significant move. The 4-hour chart reveals a bullish pennant pattern, which is a continuation pattern that often signals further price increases after a breakout. XRP has already tested its Fibonacci extension levels after a positive breakout, and the current setup indicates that the token is poised for more upside.

The chart’s confirmation of the bullish pennant, combined with other technical indicators such as the Relative Strength Index (RSI) hovering around the 50 mark and the price retesting the 50-day Exponential Moving Average (EMA), suggests that XRP could break through its previous resistance levels. If the bullish momentum continues, XRP’s immediate target is set at $3.80, which would take it past its all-time high, potentially opening the door for even higher gains in the coming weeks.

The Road Ahead for XRP

With XRP’s breakout above key resistance levels and its bullish technical setup, the token is in an exciting position as it heads into the final months of the year. The potential for further price appreciation is strong, especially if XRP can maintain its momentum above critical support levels like $2.67.

While there are differing opinions on the sustainability of this rally, the current chart setup suggests that XRP is one of the strongest-performing assets in the cryptocurrency space at the moment. As the token continues to defy its seven-year price trend, all eyes will be on XRP to see if it can achieve its target of $3.80 and possibly set new all-time highs.