XRP recently broke into price discovery against the Korean Won, indicating it entered a phase where larger uptrends could continue.
XRP’s price is currently battling the bears amid persistent turbulence impacting the broader crypto market. Despite this, the altcoin appears to have displayed the greatest resilience, as recently highlighted by Bollinger Bands founder John Bollinger.
For context, XRP is still up 8.73% this month amid the market downturn, with a more substantial 12.16% increase this year. In contrast, other altcoins are seeing declines. For one, Ethereum (ETH) has collapsed 15.21% this month and is down 43% year-to-date.
The recent market slump follows a previous upward trend that saw multiple assets reach previous highs from November 2024 to January 2025. XRP was one of the biggest beneficiaries of this uptrend, and a recent discovery shows the extent of its explosion was largely underreported.
XRP Reaches Price Discovery Against KRW
A look at the XRPKRW chart shows a remarkable event in January 2025. Notably, within this month, XRP rose to 4,987 KRW, marking a new all-time high.
For context, XRP’s previous all-time high against the Won was 4,750 KRW, attained in January 2018. The run to 4,987 KRW two months back indicates that XRP slightly reached a price discovery phase on the XRPKRW chart. Data shows that this occurred on the back of a massive symmetrical triangle breakout on the monthly chart.
The upper trendline of this triangle started forming as XRP dropped from the previous 4,750 KRW ATH in January 2018, persisting for nearly seven years. Meanwhile, the formation of the lower trendline began in March 2020, as XRP continued to observe higher lows from this level.
The asset eventually broke above the upper trendline amid the upsurge in November 2024, rallying by more than 280% that month. After a brief pullback that lasted for three weeks, XRP rebounded, with this recovery push eventually leading to the 4,987 KRW ATH by late January 2025.
Massive Uptrend Ahead
Notably, when an asset reaches a price discovery phase, it typically witnesses a “free run” to greater heights, as the bears have no decisive past resistance level to capitalize on. This confirms XRP’s potential to secure higher levels once it recovers the 4,987 KRW peak when the ongoing pullback ends. Bollinger also noted that XRP could be the market leader for the broader recovery.
Last October, right before the November 2024 explosion, market analyst Zach Rector shared similar sentiments. The analyst argued that XRP’s suppression was over, and it was “free to run.” A month later, the asset spiked 280%. Despite the upsurge from November and December 2024, Rector still insisted that XRP was “incredibly undervalued.”
In previous disclosures, he had championed some ambitious goals. In January 2025, Rector asserted that ETF inflows could help push XRP to $33. Last October, another analyst, Ralston Maximus, argued that the $30 to $35 price is not ridiculous for XRP. Currently, XRP changes hands for $2.33 and 3,421 KRW.
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