Can XRP Price Rally To $7.80 As It Surges Near 2018 All-time Highs

Key Insights:

• XRP price printed a historic bullish monthly candle, engulfing prior months and signaling strong upward momentum targeting $7.80
• XRP recently reached $3.6, nearing its 2018 all-time high of $3.84.
• XRP price traded at $3.59 with low resistance to $4.00 as shown by the VPVR gap and bullish heatmap trend.

XRP price has reached a critical level following months of trading in a range, drawing increasing interest from traders and analysts. With momentum building and historical resistance levels within reach, XRP price may sustain this pace and eventually rally toward $7.80.

XRP Price Monthly Candle and Rally to $7.80

XRP price printed one of its most bullish monthly candles in recent history, according to analysts. This pattern has engulfed several months of previous price action. It confirmed a shift in trend from sideways movement to strong upward momentum.

Notably, an analyst pointed out that this kind of engulfing formation typically appears at the beginning of extended trend cycles when volume supports the move. Trading data showed increased market participation during this monthly surge, with volume levels exceeding average thresholds.

The existing formation, according to previous trend channels, was in favor of further movement to the $7.80 level. This target corresponded with a long-term Fibonacci extension of past cycle highs and lows. The analyst identified the $4.00, $5.20, and $7.80 levels as targets if the current price uptrend continues.

XRP Approaches 2018 High After Daily Gains

XRP price increased by 10% over the last 24 hours, reaching a daily high near $3.63 before settling at $3.50. The altcoin’s trading volume doubled, rising by 105% to $23.2 billion. That signaled heightened market activity. This level places the asset within 5% of its 2018 all-time high of $3.84.

Consequently, the quick price rise has been compared to previous bull run actions. An analyst observed that the action near the resistance band of 2018 was accompanied by increased trading volumes and a wider participation of both retail and institutional platforms.

Should the present bullish nature continue, then the re-testing of the price range of $3.84 to $4.00 could also occur. Once confirmed, an escape of that mark might continue the rally with $5.20 and $7.80 levels on target.

Volume Profile Suggests Limited Resistance to $4.00

At the time of writing, XRP price is trading with a strong upward movement continuing on shorter timeframes. The Volume Profile Visible Range (VPVR) heatmap indicated that there was minimal resistance between the current price and $4.00.

Subsequently, this volume gap suggested that there was a lower amount of historical trades in this zone, hence less resistance to push the price higher. This interpretation was affirmed by the 4-hour chart. As per set liquidity levels, Ripple XRP has been completing regular set higher lows and break formations.

Besides, the unavailability of overhead selling areas between $3.60 and $3.95 can be used to accelerate the potential in case of stability in buyer demand. The existing market form can lead to additional increases, as the previous volume was low, and accessing the $4.00 target was close.

Market Context Supports Further Price Expansion

The recent XRP price rally coincided with an overall sentiment of optimism in the market and speculation of ecosystem growth. Speculations on social media indicated that the company could integrate XRP in Visa operations.

That speculation has driven the trading action and enhanced the market attention on XRP, regardless of its status.

From a technical perspective, market structure was sustained, as XRP price action kept validating the resiliency of demand zones. The bullish monthly close, coupled with an increase in the intraday volume and the implemented pattern of the breakout, can justify the $7.80 target.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.