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Why is XRP going up today? – New all-time high, price targets and more…
XRP has made a new all-time high with a decisive move past $3, showcasing little signs of halting. The question remains, will the $4 level be breached next or is the XRP market overextended and in need of a brief respite?
Ripple [XRP] was racing higher yesterday. It appears that the bulls on Wednesday, July 16th, have been successful in challenging the $3 psychological resistance level. AMBCrypto reported earlier that a move higher seemed likely if the price managed to clear the $3.1 mark. This prediction has come true, and a longer-term symmetrical triangle pattern that promised a bullish breakout and new highs for this cycle is now materializing.
XRP makes a new all-time high with a near 30% rally in four days
According to Coingecko data, the previous all-time high for XRP was $3.4, set back in January 2018. This level has been effortlessly smashed over the past two days as trading volume surged higher.
The RSI revealed that momentum is intensely bullish, with a reading of 89.8 at the time of writing. While this does not necessarily guarantee an immediate pullback, it doesn’t rule out the possibility either. Crypto assets have a tendency to run higher and continue running even if technical indicators show overbought levels. Until we see a bearish divergence, investors can continue to bid XRP.
On the flip side, high short-term volatility becomes more likely as we venture into all-time high territory without clear price targets above. However, as the OBV suggested, the steady demand for XRP indicates that the rally is set to persist in the coming weeks.
A set of Fibonacci retracement levels based on the retracement from $3.4 to $1.6 earlier this year was plotted on a weekly chart. The initial bullish sign came when the price broke above the $2.6 level early in July, which flipped the weekly structure bullishly. Another strong indication of intent emerged as the cryptocurrency surged past the early 2025 highs.
The 23.6% and 61.8% extension levels northward at $3.82 and $4.5 have become the next price targets for XRP. Long-term investors can hold on for even greater gains, as this crypto cycle does not appear to be over yet.
Source: ambcrypto.com
