XRP (XRP) has erased over three and a half years of losses in less than a month, having risen by over 400% since Donald Trump’s reelection as the president of the United States.
As of Dec. 2, XRP traded for $2.50, its highest level since February 2018.
XRP/USD daily price chart. Source: TradingView
The XRP/USD daily chart shows its relative strength index (RSI) above 70, signaling overbought conditions and potential consolidation or correction.
However, given the parabolic rally, traders have largely dismissed these warnings, favoring momentum instead.
XRP price eyes new record high
Historical chart patterns show striking similarities between XRP’s 2017 parabolic run and its current price movement.
In 2017, the XRP/USD pair broke out of a multi-year symmetrical triangle pattern, pushing its price from under $0.01 to its all-time high near $3.55. In 2024, XRP appears to have executed a similar breakout after consolidating within a comparable triangle structure for over three years.
XRP/USD monthly price chart. Source: TradingView
The current breakout has seen XRP price breach key Fibonacci levels, including 0.236 ($0.96), 0.382 ($1.46), and 0.618 ($2.25). This progression aligns with the triangle breakout in 2017 that propelled it to the 1.618 Fib level of $0.06.
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Therefore, a close above the current 0.786 Fibonacci retracement level at $2.82 would strengthen the bullish outlook for XRP, increasing the likelihood of a retest of its previous all-time high at $3.55, which aligns with the 1.0 Fibonacci level.
Beyond that, XRP will be in price discovery to potentially reach the 1.618 Fibonacci extension at $5.64 in the first half of 2025.
XRP may hit $6.60 by 2025 — Analyst
Jacob Canfield, an independent cryptocurrency trader, suggested that XRP could climb another 100% from its previous all-time high.
He applied Fibonacci extensions and compared its performance to Bitcoin (BTC) during its 2017 rally, observing that BTC’s current price is roughly five times higher than when XRP last reached its all-time high of $3.55 in early 2018.
XRP/USD weekly price chart. Source: TradingView/Jacob Canfield
“If we use Canfield Fibonacci extensions to give us an idea of where this move may take us, it would be at the 11.09 fib extension,” said Canfield, adding:
“This would put the price around $6.60, exactly 2X the value of it’s previous high. I think this is probably the ideal *FOMO* target and would stop thinking double digits or higher and is very logical.”
XRP inside a notorious sell-off zone
As a note of caution, the possibility of XRP reaching a local top near its current levels cannot be overlooked, as XRP/USD is trading within a critical sell-off zone.
Historically, this “topping out area” has triggered the onset of extended bear market cycles, namely the 95% crash in the 2017-2020 period and another 85% downturn during the March 2021-May 2022 correction.
XRP/USD three-week price chart. Source: TradingView
If history repeats, XRP may enter a bear cycle in 2025, potentially targeting its prevailing ascending trendline, which aligns with the $0.70–$1.00 resistance range from July 2024-October 2024 period.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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