XRP has emerged as a prominent leader in the recent cryptocurrency rally, delivering massive gains and fueling optimism among investors. The price has skyrocketed by an astonishing 225% in less than three weeks and shows no signs of slowing down as the momentum builds. This growth has positioned it as the best-performing altcoin, attracting the attention of analysts and traders alike.

CrediBull, a prominent XRP analyst, has shared a detailed technical analysis highlighting XRP’s forceful bullish structure. According to his observations, XRP is currently in a well-defined, five-wave, impulsive movement that is often associated with sustained uptrends. If the critical support level continues, CrediBull predicts that the price could rise above $2 in the coming weeks, which will be a significant milestone for the altcoin.

As emotions run high, market participants are closely watching its performance. The ongoing rally suggests that XRP could reach modern highs and pave the way for broader altcoin gains. Whether it can maintain its upward trajectory will depend on its ability to maintain key support levels and capitalize on the current bullish sentiment. For now, XRP remains the centerpiece of the market and its next moves are eagerly awaited.

The bullish rally may continue

The recent rally for XRP may be just the beginning as optimism continues to grow among analysts who predict a higher price in the coming months. However, key price levels need to be tested and maintained for XRP to maintain its momentum and advance to the next stage of growth.

A prominent CrediBull analyst shared his insights on Xrevealing that XRP is currently in a clear 5-wave impulsive move, which is a forceful indicator of a bullish trend. According to his technical analysis, this pattern confirms that the absolute bottom for XRP was set at $0.49 earlier this year. He also emphasized the importance of the $1.05 level, which is the beginning of the fifth sub-wave in this impulsive structure.

CrediBull explained that if XRP falls below $1.05, it could signal the beginning of a larger wave 2 correction, which will likely precede another major bullish impulse (wave 3). However, if XRP holds well above $1.05, it would mean that the fifth subwave is extending, potentially pushing the price to $2 or higher before any significant pullback occurs.

This analysis reinforces the idea that XRP’s current surge may be just the beginning of a broader upward trend. Investors are now closely watching whether XRP will be able to hold key support levels and confirm its extended upward move.

XRP Hits Multi-Year Highs: ATH Next?

XRP is trading at $1.45 following an impressive rally to hit $1.63 yesterday, setting its highest level since May 2021. This milestone has sparked optimism among investors, positioning XRP for a potential surge to modern all-time highs in the coming months . The continued upward momentum reflects growing confidence in the price’s upward trajectory.

However, recent growth also brings with it the possibility of consolidation. The price may need to frosty off and gather strength below the $1.63 level before continuing its upward move. Consolidation phases are a natural part of any significant rally and can assist establish stronger levels of support for future price action.

The key level to watch remains $1.05, considered a critical support zone. If the price continues above this level, it will reinforce its bullish outlook and set the stage for a potential breakout and continuation of the uptrend in the coming weeks. Analysts believe maintaining this level would be a forceful signal of market confidence, paving the way for XRP to build on recent gains and reach modern milestones.

Featured image from Dall-E, chart from TradingView