Widely followed trader CryptoWZRD believes that a major move for XRP is imminent as it consolidates near its all-time high.
As the crypto market turns bullish again, XRP continues to trade in a tight range just below its previous all-time high of $3.84, a level it last reached in January 2018. The altcoin has approached this level twice so far this year. It first broke above $3.40 in January and later climbed to $3.66 by July.
Nonetheless, since the July rally, XRP’s momentum has slowed, with the price trading within a range of $2.60 to $3.
“The Longer It Consolidates, the Bigger the Price Expansion”
However, according to analyst CryptoWZRD, this consolidation is setting the stage for a massive breakout. He noted that XRP has been holding its gains for over 300 days, which suggests strong accumulation and resilience against broader market pullbacks.
He believes that the longer XRP consolidates, the larger the eventual breakout.
A closer look at the chart shared by CryptoWZRD reveals a bullish wedge pattern forming near the upper range of XRP’s multi-year structure. This wedge indicates diminishing volatility ahead of a potential breakout.
The analysis also highlights key support zones around $1.90 and $2.50, which previously acted as resistance levels. Currently, with XRP flipping old resistance into support, it’s building a strong foundation for an explosive price move.
XRP $4.50 “Is Inevitable”
CryptoWZRD believes it’s only a matter of time before XRP conquers the $3.65 resistance level. He noted that once a decisive breakout occurs, the price could quickly surge toward $4.50, calling the target “inevitable.”
XRP is trading at $3 today, and cracking the stubborn $3.65 level requires only a 21.66% gain. From that point, setting a new all-time high at $4.50 would require just a further 23% surge.
Given the relatively small percentage increase needed, CryptoWZRD is confident XRP will reach this price level. For context, XRP boasts a year-to-date gain of 44% and a one-year gain of 463% at its current price.
What Other Analysts Say
Other market watchers also share CryptoWZRD’s perspective about XRP’s next leg. In a recent analysis, analyst Mikybull stated that the market is underestimating XRP’s potential following a major breakout from a months-long falling wedge. At the time, XRP pushed above the $3.10 resistance zone, looking to retest higher levels.
While Mikybull hasn’t set a specific target, other analysts have forecast ambitious highs: Matt Hughes ($8 to $26), EGRAG ($27), and Dustin Layton ($50), all of which imply gains ranging from 3x to 16x.
At the moment, Bitcoin has recently set a new all-time high above $125,000, and attention is gradually shifting to altcoins. Many believe XRP will deliver one of its best performances as seen in its November 2024 performance.