Extending the 2024 bull run, XRP price aims to break the $3 threshold. Is this the best time to buy Ripple’s XRP token?
With a newfound momentum in the crypto market, the altcoins are on a recovering note. Among the top-performing altcoins, XRP XRP $2.08 24h volatility: 0.1% Market cap: $121.26 B Vol. 24h: $1.52 B is leading the way with an 8.75% surge over the past 24 hours. As XRP price is heading heads towards the $3 mark, the weekly returns rise to 21.22%.
As it becomes the third-biggest cryptocurrency in the market and surpasses Disney in market cap, the bull run is just getting started. In the daily chart, the XRP price action reveals a breakout rally of a bullish flag pattern.
XRP Price Action and Technical Analysis
XRP price action created a long-legged Doji candle on January 13 that acted as the post-retest reversal signal. Following the successful retest, the XRP price has increased by nearly 10% over the past two days.
Currently, XRP is trading at $2.82 and is challenging the crucial zone near $2.90 which acted as the previous swing high. As the breakout rally gains momentum, the XRP price action also completes a rounding bottom reversal.
The 38.20% trend-based Fibonacci level at $2.86 acts as the neckline. Considering the bullish trend manages to find a daily closing above this level, the bullish trend is expected to continue.
The daily RSI line has not yet reached the overbought boundary line, reflecting massive room for upside potential. Hence, the XRP price is likely to continue its bullish trend.
XRP Price Targets and Support Levels
The trend-based Fibonacci level over the XRP price action projects a potential price target of $4.33. On the flip side, the crucial support remains at $2.5182, which will act as a safety zone in case of a pullback.
Growing Market Sentiment and Network Activity
As the bullish trend in XRP gains momentum, the commentary over the crypto and the broader market has significantly grown. In a recent ex-post by Santiment, Bitcoin, Ethereum, and Doge are being highly discussed.
🥳 With crypto coming to life again on Tuesday, commentary across social media reveals positive sentiment forming toward Solana, Dogecoin, and Cardano.
🤔 Meanwhile, things are much more polarized for top 3 assets Bitcoin, Ethereum, and XRP. pic.twitter.com/uGmuXyhpZB
— Santiment (@santimentfeed) January 14, 2025
However, these rising tokens have a neutral level of positive vs. negative comments. Despite this, XRP outperforms them in terms of overall mentions and activity.
Rising Whale Transactions Fuel XRP Price Rally
As the XRP price aims to surpass the $3 milestone, the network activity is scaling new heights. In a recent X post by Ali Martinez, the number of transactions over $1 million on the XRP network has hit a new high.
The number of transactions over $1 million on the $XRP network is on the rise, hitting 341 transactions in the past 24 hours, shows on data from @santimentfeed. pic.twitter.com/a2eHLsitlq
— Ali (@ali_charts) January 15, 2025
Over the past 24 hours, the last transaction count peaked at 341 transactions. This data, based on the Santiment feed, highlights growing activity and demand for XRP, further boosting its bullish potential.
With XRP nearing the $3 psychological mark and network activity reaching new highs, the bullish trend remains strong. A successful breakout above $2.86 and sustained buying pressure could propel XRP to the $4.33 Fibonacci target in the coming weeks.
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