TL;DR

Analysts see potential for further gains for XRP, with targets ranging from $2.80 to over $3.50 while some even speculate on a parabolic rally similar to 2017. Despite the bullish outlook, XRP’s Relative Strength Index (RSI) nears 70, signaling potential overbought conditions and raising the chance of a short-term correction before any continued breakout.

Whats Next for XRP?

XRP has followed the overall resurgence of the cryptocurrency market in the last 24 hours, soaring to almost $2.30. Another factor that may have positively impacted its recent price performance is Ripples application for a license with the US national bank regulator, the Office of the Comptroller of the Currency (OCC).

According to multiple analysts, its ascent has yet to reach new dimensions. The X user CRYPTOWZRD noted that XRP closed the day bullish, setting $2.80 as the next resistance target. 

The intraday chart was highly volatile and bullish. It is now testing the $2.2550 resistance target. A successful breakout and a close above this level will offer the next long opportunity, the trader added. 

World of Charts believes an XRP breakout and retest has already been confirmed. The analyst expects a move towards $3 in the coming days, followed by a pump beyond $3.50 sometime this month.

The X user Maxi is even more optimistic. The crypto enthusiast believes XRP could replicate its performance in 2017 when it experienced a staggering 1,200% surge in a matter of days. Nowadays, a spike of that magnitude would drive the tokens valuation to a new all-time high of $30. 

At the moment, such a rally seems quite unrealistic, considering that XRPs market cap needs to skyrocket above $1.6 trillion. Currently, Bitcoin (BTC) is the only cryptocurrency whose capitalization exceeds that mark, while Ethereum (ETH) is far below with $313 billion.

Observing Some Indicators

Despite the bullish predictions, there are some red flags popping up suggesting the asset could head in the opposite direction in the short term.

The Relative Strength Index, which measures the speed and magnitude of recent price changes, has climbed to almost 70. Such readings generally mean that the valuation has increased too rapidly over a short period of time, signaling that it might be time for a correction.

XRP RSI, Source: CryptoWaves If youre curious about more indicators that could hint at XRPs next move, check out our in-depth article here.