XRP Breaks 8-Year Downtrend vs Bitcoin, Predictions Target $14
XRP has surged by 12% in the last 24 hours, marking a 466% gain since November 2024. It has broken an 8-year resistance against Bitcoin, with analysts predicting a potential rise to $14. An increasing number of holders indicate growing confidence in the asset, amidst upcoming political catalysts that may influence market dynamics.
XRP has experienced a significant resurgence, achieving a 12% increase in value over the past 24 hours, which marks a staggering 466% gain since early November 2024. Analysts predict that XRP’s price may rise into double digits this year, driven by its recovery from a low of $2.20 on January 3.
The XRP/BTC pair has notably broken through an 8-year resistance, having underperformed Bitcoin since the 2017 bull cycle. On the last week of November 2024, XRP closed above 0.000015, surpassing the long-standing descending trendline that has persisted since 2017. Recent data reveals that XRP/BTC closed at 0.000026 on January 12, representing its strongest weekly performance since October 2022.
Market analysts foresee further gains for XRP against BTC, potentially approaching the all-time high of 0.000245, reached in May 2017. Analyst Steph Is Crypto reported on January 14, highlighting a “powerful breakout for XRP against the Bitcoin pair with strong volume.” He noted that the current market move mirrors key patterns observed during XRP’s bull run in 2017.
XRP’s positive price trend is accompanied by an increase in the number of holders, with 58,000 new investors joining since the start of 2025, according to market intelligence firm Santiment. This growth indicates confidence among the community regarding the long-term prospects of the project.
The asset’s rise above the psychological threshold of $2.50 on January 11 characterized a breakout from a bullish pennant, as described by trader Mikybull Crypto. The identified pennant suggests a short-term target of $3.70, representing a 32% increase from its current value of $2.85. Beyond this, further growth to all-time highs is anticipated.
Moreover, Steph Is Crypto shared insights that this bullish pennant could form part of a larger bull flag, with a technical target exceeding $14, indicating a potential increase of 390%. The impending inauguration of President-elect Trump on January 20 may serve as a catalyst, potentially leading to the approval of spot XRP ETFs in the United States, which could attract substantial new investments according to JPMorgan.
This article does not constitute investment advice or recommendations; all trading activities involve risk and readers should conduct thorough research prior to making investment decisions.
The article discusses the recent price surge of XRP, a prominent cryptocurrency, which has broken free from an 8-year downtrend against Bitcoin. This resurgence follows a significant underperformance during past market cycles and comes amid a favorable market environment, attracting a growing number of holders. Analysts predict substantial price increases, including targets exceeding historical highs.
In conclusion, XRP has recently broken an 8-year downtrend against Bitcoin, marking a potential turning point as it rallies significantly alongside an increasing holder base. Analysts are optimistic about XRP’s future price, with projections reaching up to $14, particularly if upcoming political events catalyze market changes. Thus, XRP remains a focal point in the cryptocurrency market, deserving close observation.
Original Source: www.tradingview.com
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