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After mirroring Bitcoin’s strong breakout over the past week, XRP recently surged to an intraday high of $2.47 before retracing to a lower daily close. Despite this, the broader outlook for XRP is bullish, with the altcoin generally moving in lockstep with Bitcoin and the wider crypto rally. According to recent analysis, a key technical signal just flashed, one that previously preceded a massive 600% rally in November 2024.
Familiar Weekly RSI Signal Returns After 200 Days
According to crypto analyst Dark Defender, XRP has once again produced a rare Golden Cross on its weekly RSI indicator, an event that last occurred on November 4, 2024. That signal directly preceded XRP’s explosive 600% rally, and its reappearance points to the potential emergence of a similar trajectory for the crypto.
Notably, the appearance of the new RSI cross coincides with the elimination of a long-standing weekly resistance trendline after XRP broke to $2.59 on May 14. The analyst’s chart clearly highlights this breakout, with a bright green trendline now breached and a bullish pin bar candlestick forming just above it, adding strength to the bullish case.
The RSI’s behavior in the 1W candlestick timeframe chart below is also particularly telling. The purple RSI line has crossed above the yellow moving average once again, exactly as it did in early November 2024. Back then, XRP flashed the cross when its price was trading around $0.5. However, the ensuing price action saw it explode by over 600% to peak at a multi-year high around $3.31 on January 12, 2025.
$3.33 In Sight, But $5.85 May Be The Real Prize
Considering the previous price action after the weekly RSI cross in late 2024, crypto analyst Dark Defender’s outlook is based on repeating the same 600% rally or close in the coming weeks. Following this development, Dark Defender has outlined two key price targets.
The first is $3.33, close to the multi-year peak in January 2025. Should XRP break past that level, the next major target lies around $5.85, corresponding to the 261.8% Fibonacci level. The analyst refers to this upper range as the parapet, meaning that this level could be the next all-time high peak after the price rally.
The Elliott Wave structure plotted on the chart outlines a five-wave impulsive move, and XRP is now about to enter wave III, the longest and most powerful wave in a bullish cycle. If this structure plays out as expected, XRP could rapidly push through $2.59, hold above $3.33, and rally toward the upper boundary of the projection range.
Interestingly, none of these price targets uses a repeat of the full 600% rally. The $3.33 target is 43% away from the current price level, while $5.85 represents a 150% gain from the current price. At the time of writing, XRP is trading at $2.34.
Featured image from Pexels, chart from Tradingview.com
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