XRP Price Could Surge to $20, Technical Analysis Signals

Can XRP Hit $20?

XRP price has recently reached multiyear highs of $3.66, but various technical indicators suggest that there is still significant room for growth. Analysts are pointing to multiple XRP charts that signal a potential "explosive" move, with price targets ranging from $7 to $20 if key resistances are broken.

Analysts' Insights

Despite the impressive performance of XRP, experts believe that the cryptocurrency has not yet entered its parabolic phase. Popular crypto analyst Dom noted that while XRP hit multiyear highs, other charts have not signaled a full bull run just yet. The XRP dominance chart, for example, shows that XRP is back at the weekly resistance level around 5.50%, a level that has held XRP down for over 2,200 days.

Another analyst, Egrag Crypto, highlighted the breakout of a bull pennant in the two-week timeframe, projecting XRP dominance to reach between 21% and 275%. The Visible Range Volume Profile (VRVP) also indicates a significant void above 5.75%, aligning with the resistance identified by Dom. In Bitcoin terms, XRP/BTC's technical setup suggests that the cryptocurrency's best performance is yet to come, with a potential massive move upward once a key resistance zone is cleared.

Technical Analysis and Price Targets

Technical analysis on XRP's monthly chart reveals a bull pennant pattern, with resistance at the $3.84 all-time high. A monthly close above the upper trendline of the pennant at $2.55 could pave the way for XRP's price to surge toward the pattern's target above $18, representing a 417% increase from the current price. Traders are closely monitoring the moving average convergence divergence indicator (MACD) for a bullish cross, which historically has resulted in significant gains for the XRP/BTC pair.

While this article does not offer investment advice, it highlights the technical analysis and indicators that suggest XRP price could see substantial growth in the near future. Investors are urged to conduct their own research and due diligence before making any investment decisions.