XRP Price Hits a 7-Year High of $3 as Analyst Predicts a strong Rally to $10

Highlights:

• XRP price jumps 8% to $3.10 as bullish momentum bolsters.
• Its daily trading volume has spiked over 74%, showing heightened demand. 
• Crypto analysts predict the XRP price could jump to $10 if the buying momentum continues.

The XRP price has outperformed other cryptos today, surging 8% to $3.10 for the first time in seven years, sparking fresh interest in the market. The growing interest in the token has seen the trading volume spike by more than 74% to $22.61 billion, while the market cap is up 8% to $178.23 billion. XRP has flipped top cryptos like Tether by market cap, ranking #3 among other cryptos.

XRP’s bullish momentum is most substantial since January 2018 as Futures Open Interest hits a record high. XRP’s perpetual futures open interest has surged to a record high of 2.34 billion XRP, with funding rates representing the cost of holding leveraged bets hovering around 13%. In other words, the XRP market is much healthier and supports continued price gains in the coming days.

With the strong bullish sentiment in the market, various crypto analysts are optimistic about XRP’s upward trajectory. Ali Charts, a well-known crypto analyst via X, says the XRP price could rally to $10 if the buying pressure continues.

$XRP is going to $10! pic.twitter.com/EAIhqpj4V4

— Ali (@ali_charts) January 15, 2025

XRP Statistical Data

Based on CoinmarketCap data: 

• XRP price now – $3.10
• Trading volume (24h) – $22.61 billion
• Market cap – $178.23 billion
• Total supply – 99.98 billion
• Circulating supply – 57.49 billion
• XRP ranking – #3

XRP Hits a 7-Year High as Bulls Target $4 in the Short-Term

XRP price has surged by 8% today, pushing the altcoin above $3 for the first time in seven years, successfully breaching the critical $2.98 barrier. This upward momentum reflects growing confidence among investors and has sparked fresh interest in the crypto sphere.

XRP is expected to maintain bullish momentum, potentially reaching its all-time high (ATH) of $4. However, sustaining support above $2.69 is crucial for further gains. 

Over the last 24 hours, bulls have put their best feet forward, quashing the selling pressure and supporting an impressive rally to $3.10 at press time. A zoomed outlook at the technical indicators, the buying interest is rising, painting the bigger picture bullish. Moreover, the immediate support levels at $2.35 and $1.05 further tilt the odds towards the upside.

Based on the Relative Strength Index (RSI), the currently overbought conditions might culminate in a reversal. The RSI holds above 70, at 73.11, suggesting intense buying activity. That said, it might be prudent to watch out for the RSI’s rejection from the overbought region to time the reversal and avoid the bull trap carefully.

The Moving Average Convergence Divergence (MACD) indicator upholds the bullish outlook and hints at the uptrend reaching higher levels. The buy signal appeared around January 11, with the blue MACD line (0.1794) crossing above the orange signal line (0.1091). Traders are inclined to continue buying XRP unless the trend in the MACD changes.

RSI Shows a Slight Retracement in XRP Price

Based on the technical outlook, the bulls have quashed their seller counterparts, entirely taking the reins in the XRP market. The Rounding bottom pattern formation further affirms the bullish grip. Bulls could seize the opportunity to push the XRP price to $3.50 if the support levels hold. In a highly bullish case, the gains could extrapolate to record a new ATH at $4.

Conversely, early profit-booking activities and a market-wide sell-off may culminate in an XRP price correction to $2.65. Nevertheless, a slight retracement is possible to allow the bulls to sweep through enough liquidity, considering the overbought conditions. Meanwhile, the bullish sentiment for the XRP price would only be invalidated below $2.35 support. Such a move would also indicate a change in market structure.