TL;DR

Ripples native token has joined the rest of the market in posting a big price surge that drove it to almost $3.20, which became a monthly peak. This came despite the recent whale sell-off and the latest SEC setback on the ETF front.

XRPUSD. Source: TradingView

XRPs Rise

Ever since it failed at $3.35 in mid-August, XRP was in a downward trend that drove it to a multi-month low at $2.7 at the beginning of September. However, the asset reacted well to this decline and bounced toward $2.90 in the following days.

It tried to challenge the coveted $3.00 resistance on a couple of occasions last week, and after a few failures, managed to break through it decisively on Friday. As many analysts predicted, this unlocked another leg up that pushed XRP to a monthly peak of $3.19 (on Bitstamp).

Its interesting that this 13% weekly increase comes in a rather unfavorable period for the token and the company behind it. Recall that just a few days ago, whales disposed of over $120 million worth of XRP in just 24 hours. Additionally, the US SEC continues to delay making a decision on the spot XRP ETF applications, with the latest to see its deadline extended being the filing from Franklin.

$3.6 and $6 Next?

Now that XRP has seemingly cleared the resistance at $3.00 and $3.05, Ali Martinez outlined the next target on its way to a new all-time high at $3.6. He is not alone in this projection, as Steph Is Crypto believes XRP is on the verge of another double-digit rally that will take it toward those levels as well.

CryptoInsightUK shared an identical chart, in which XRP could reach a minimum target of $3.60 if it closes above the descending trendline (currently above it).

Strong 3 Day close for $XRP.

A close above our descending trendline. Minimum target $3.60.

Bullish cross on the RSI.

The wave count here is still valid (time not to scale).

Looking for some strong follow through price action into the weekly close tomorrow. pic.twitter.com/fL0VOYW64g

Altcoin Gordon was even more bullish, indicating that once XRP breaks out of its months-long consolidation phase, it will go beyond the current all-time high of $3.65 and set a new one at $6.00.