XRP Price Displays Indicator That Initiated 600% Surge in November 2024

After replicating Bitcoin’s significant surge over the previous week, XRP recently reached a peak of $2.47 before retreating to a lower daily closing price. Nevertheless, the overall sentiment for XRP remains optimistic, with the altcoin typically following the same path as Bitcoin and the general crypto market trend. Recent analyses indicate that a crucial technical indicator has emerged, one that preceded an incredible 600% surge in November 2024.

Weekly RSI Indicator Signals a Return After 200 Days

According to cryptocurrency analyst Dark Defender, XRP has once again generated a rare Golden Cross on the weekly RSI indicator, a milestone that occurred last on November 4, 2024. This signal directly preceded XRP’s remarkable 600% increase, and its return suggests the potential for a similar upward trend for the asset.

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Significantly, the appearance of the latest RSI cross aligns with the removal of a persistent weekly resistance trendline following XRP’s rise to $2.59 on May 14. The analyst’s chart clearly shows this breakout, with a striking green trendline now surpassed and a bullish pin bar candlestick forming just above it, bolstering the positive outlook.

The RSI’s movement observed in the 1W timeframe is also quite revealing. The purple RSI line has once again crossed above the yellow moving average, mirroring a similar behavior seen in early November 2024. At that time, XRP displayed the cross when its price was around $0.5. However, the subsequent price dynamics led it to skyrocket over 600% to a multi-year peak around $3.31 on January 12, 2025.

$3.33 on the Horizon, But $5.85 Might Be the Real Target

In light of the prior price movements following the weekly RSI cross late in 2024, analyst Dark Defender’s projections aim to replicate the same 600% increase or something close in the upcoming weeks. In the wake of this trend, Dark Defender has highlighted two significant price targets.

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The first target is $3.33, nearing the multi-year maximum from January 2025. Should XRP exceed that level, the next major aim is around $5.85, aligning with the 261.8% Fibonacci extension. This upper limit has been termed the parapet, suggesting it could represent the next all-time high following the price ascent.

The Elliott Wave framework illustrated on the chart suggests a five-wave bullish sequence, with XRP approaching wave III, the longest and most potent phase in a bullish cycle. If this expected pattern unfolds, XRP might quickly surpass $2.59, maintain above $3.33, and escalate towards the upper end of the projected range.

Notably, none of these price milestones rely on a total repetition of the 600% increase. The $3.33 target is a 43% increase from the current price level, while $5.85 signifies a 150% rise. As of now, XRP is trading at $2.34.

Featured image from Pexels, chart from Tradingview.com