XRP is catching the bullish wave driven by Bitcoin’s record-breaking surge, setting a fresh monthly high as BTC enters uncharted price territories. Earlier today, XRP surged to $0.5740, marking an 11.67% jump from its previous value of $0.514. This marks the highest level XRP has reached in about five weeks, coinciding with Bitcoin’s rise beyond its March 2024 peak of $73,750, establishing a new high at $76,400. The market-wide surge has undoubtedly boosted XRP, and some experts are now speculating whether this rally could propel the altcoin to an all-time high.
Could XRP Reach An All-Time High?
XRP’s impressive rally has ignited discussions about its potential to reach unprecedented levels. CoinsKid, a prominent crypto trader with 140K followers on X (formerly Twitter), shared a chart showcasing XRP’s price action over the last two years. The chart highlighted three key resistance points for XRP, with the most critical being at $0.94. This level has historically been a tough hurdle for XRP to overcome, especially after the bullish run in July 2023 that followed the court ruling declaring XRP not a security.
In addition to the $0.94 resistance, CoinsKid identified psychological price levels at $1.50 and $2.50. These levels, combined with a solid support zone at $0.3798, create an intriguing backdrop for further price action. CoinsKid suggests that XRP could break through the $0.94 resistance and potentially enter a price discovery phase that could see it reach as high as $4.044. For that to happen, however, XRP would need a surge of 627%, a significant challenge, but not impossible in a market as volatile as crypto.
A Strong Support Base for XRP
While the potential for an XRP rally is attracting attention, analysts emphasize the importance of solid support levels. XRP has recently found robust support at $0.3798, making a revisit to these levels less likely in the short term. A proponent of XRP’s bullish case even argued that the opportunity to buy at these lower levels has passed, especially given the current market dynamics.
A critical factor fueling XRP’s bullish narrative is the speculation surrounding U.S. politics. Some traders believe that the potential dismissal of SEC Chairman Gary Gensler, coupled with pro-crypto sentiment surrounding former President Donald Trump, could significantly impact XRP’s price. One investor pointed out that a victory for Trump in the upcoming election, followed by Gensler’s removal, could send XRP’s price soaring. This belief stems from the idea that a more crypto-friendly regulatory environment would remove some of the hurdles holding back XRP’s price.
The Bigger Picture – A BTC-Driven Market
While the potential political developments are compelling, it’s important to note that XRP’s rally is also strongly tied to Bitcoin’s performance. Bitcoin’s continued rise, particularly in light of its recent all-time high, is likely playing a substantial role in the broader market’s optimism. However, skeptics argue that XRP’s price has yet to see a substantial boost despite Bitcoin’s record-setting performance, casting doubt on the strength of the political narrative driving XRP’s potential rally.
As XRP continues to ride Bitcoin’s coattails, market watchers will be keeping a close eye on the altcoin’s ability to break through resistance levels and establish new all-time highs. Whether XRP can reach $4 or even higher remains to be seen, but for now, it’s clear that the altcoin is benefiting from the broader market’s bullish sentiment.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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