Ripple Price Analysis: XRP Forms Strong Base for a New All-Time High

1 Mins read

XRP has been relatively quiet compared to other major alts, but the recent technical developments suggest a potential shift in momentum. While the broader market remains focused on Bitcoin’s approach to all-time highs, Ripple’s token seems to be building a solid base, hinting at a possible breakout if conditions align.

Technical Analysis

By Shayan

The USDT Pair

On the XRP/USDT paired chart, the asset has been consolidating on the daily timeframe since a decisive rejection from the $3.60 resistance level back in July. This area capped Ripple’s major price rally, dragging it from below $2 to above $3. Yet, following the rejection, the asset has pulled back and retested the $2.70 demand zone multiple times, and found support each time.

Now, the market has broken above a falling wedge pattern that it has been forming during the recent consolidation, which can lead to another rally toward the $3.60 area. Yet, this scenario will occur only if the price is able to keep closing above the $3 mark in the coming days.

The BTC Pair

Switching to the XRP/BTC chart, the picture is even more promising for Ripple. XRP broke out of a long-term descending channel, retested the breakout zone, and is now forming a solid base above the key 2,400 SAT level. The recent bullish crossover between the 100-day and 200-day moving averages further strengthens the bullish outlook.

Meanwhile, the price is currently consolidating in a tight range, showing no willingness to move higher or lower. If things go as they are and BTC dominance pulls back, this could likely be a pause before the next leg up, a scenario that could pave the way for XRP to be worth over 3,000 SAT in the coming months.