By Chris Hollingworth 
XRP (XRP) experienced a significant drop of nearly 30% after reaching a seven-year high of $3.39 in January. However, recent positive developments, such as the potential resolution of Ripple’s SEC lawsuit and the acquisition of a new license in Dubai, have contributed to a rebound in its price. As of March 24, XRP was trading at around $2.47, marking a 38% increase from its year-to-date low of $1.79.
XRP is currently following an upward trajectory within a rising parallel channel, indicating strength as it approaches a critical resistance level. The price of XRP/USD recently rebounded after testing the lower trendline of the channel around $2.37, coinciding with the 50-4H exponential moving average (50-4H EMA). The next target for XRP is a retest of $2.59, which represents the 0.618 Fibonacci retracement level and previously served as a strong resistance level.
If XRP successfully breaks above this resistance, it could potentially reach the upper trendline of the channel near $2.77, aligning with the 0.786 Fibonacci level. Market analyst Dom highlighted the importance of XRP stabilizing above $2.50, which corresponds to its all-time high volume-weighted average price (VWAP), to sustain a bullish trend.
On the technical side, the Relative Strength Index (RSI) for XRP is trending above 60, indicating a growing bullish momentum without entering overbought territory. Additionally, XRP is currently forming a symmetrical triangle pattern on its higher timeframe chart, signaling a potential breakout rally in the near future. Symmetrical triangles typically lead to a breakout in the direction of the previous trend, with a potential price movement equivalent to the triangle’s maximum height.
The formation of the symmetrical triangle pattern followed XRP’s impressive 575% rally between November 2024 and January 2025, hinting at the possibility of further gains in the coming weeks. A successful breakout above the upper trendline of the triangle could propel XRP’s price towards $4.20 by May, representing a substantial increase from current levels.
Analyst CrediBULL Crypto also predicts that XRP is gearing up to reach a new all-time high above $3.40 in the coming weeks. Moreover, the Binance XRP/USDT liquidation heatmap highlights key liquidity zones between $2.66 and $2.98, indicating potential areas where significant liquidation events may occur. These levels can influence price movements based on the amount of liquidity present, with a break above $2.66 potentially triggering a liquidation squeeze towards $2.98.
It is important to note that this article does not provide investment advice. All investment and trading decisions involve risks, and readers are encouraged to conduct their own research before making any financial decisions.
