With the market on another come-up, the XRP price looks to be aiming for higher targets from here. While the altcoin has been unable to clear new all-time highs in the last seven years, the current trajectory suggests that this target may be around the corner. Presently, the XRP price is looking to test a major trendline, and if it is able to successfully break through, then high double-digit gains await the cryptocurrency.
XRP Price Testing New Trendline
A crypto analyst on the TradingView website has pointed out a major development on the XRP price chart that could lead to another surge. This time around, it is the test of a descending trendline which began last year and could be the defining factor from here.
The descending trendline, according to the analyst’s chart, begins from the January 2025 price surge that had put the price above $3.3 again. Since then, it has steadily descended as the XRP price has put in lower highs over the next five months. This has led to a culmination at the current level just above $2.2, where the bulls must now make their stand or risk losing control over the digital asset.
The crypto analyst explains that this level above $2.2 is the current resistance that had originated from the mid-January highs, and a breakout is important to show signs of buyers taking control. If bullish momentum is renewed as a result of a clean break above this resistance level, then the analyst believes that it could be a strong entry opportunity.
In the event of a successful break, the analyst sees the XRP price rising by over 70% from here. This would mean new all-time highs above its current $3.8 peak, as a 70% rise would put the price above $3.9. If the market remains on the bullish path, then this could happen in the next few months.
Ripple Developments Propel Price
In addition to the technical indicators pointing toward renewed bullishness for the XRP price, there have been other developments that continue to fuel optimism. The Ripple vs. Securities and Exchange Commission (SEC) legal battle is expected to come to an end as both parties move to withdraw their appeals.
Furthermore, Ripple recently made headlines after it filed for a United States National Banking license, in a bid to increase oversight for its RLUSD stablecoin. This move is in a bid to facilitate faster transaction settlements, which a charter license would allow the crypto firm to do, joining the likes of Circle in this bid.
The initial response to CEO Brad Garlinghouse announcing this move was a sharp 5% move by the XRP price. And the altcoin is expected to move even faster if this license is granted. Such developments would play a big role in getting the XRP price to new all-time highs.
Featured image from Dall.E, chart from TradingView.com
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