The XRP price has recorded a breakout of the uptrend structure on the daily chart on January 11 after the altcoin reached a high of $2.60. Since then, the price has dropped to a low of $2.33 on January 13 but quickly recovered above $2.45 during the trading day.
XRP is currently the third-largest Cryptoasset, including stablecoins, with a market capitalization of $141 billion.
XRP/BTC aims for a bullish weekly close above a 4-year-old resistance level
While XRP lagged behind Bitcoin in the 2021 bull run, the altcoin has established a solid footing in 2024/2025. With a weekly close above $2.50 last week, XRP/BTC has witnessed its highest weekly close since October 2022, as illustrated in the chart.
Similarly, XRP's sustained outperformance compared to BTC is likely to flip the weekly resistance level established in May 2021. Over the past few years, this resistance level has been tested three times, with the most recent activation in November 2024.
Overall, the price action of XRP versus BTC suggests that the market is widely taking notice of the altcoin as it approaches its All-Time-High (ATH) of $3.40 in 2018.
Regarding the new ATH, CRYPTOWZRD, a Cryptoasset trader, stated:
XRP has flipped the previous resistance into support and is now primed to move up to $4.00 and then $8.00 in the longer term.
The trader has explained his bullish thesis with the help of the market structure on the altcoin's weekly chart, which is currently playing out in line with XRP's uptrend since 2017.
Similarly, Titan of Crypto, a technical analyst and Cryptoasset investor, has set a similar price target for the altcoin at $4.32. The analyst emphasized that XRP's recent daily price action has invalidated a death cross with a golden cross, further reinforcing the bullish case for XRP.
XRP undergoes a bullish breakout from a flag
On January 11, XRP broke above the immediate resistance level at $2.50 and thus witnessed a bullish breakout from its flag/pennant formation. The flag, formed over 42 days or seven weeks, has a technical breakout target of $3.50, 50% higher than the $2.35 or the pattern's breakout point.
However, the altcoin needs to close the daily candle above the key resistance zone between $2.60 and $2.48 and flip this range into support. The Relative Strength Index (RSI) is currently consolidating above 50, suggesting that the bullish pressure continues to build on the altcoin on the longer-term chart.
A daily close above $2.60 will allow XRP to move swiftly above $2.72 and $2.90 due to the selling liquidation present just above these levels.
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