Ripple native crypto XRP has bounced back strongly, surging 10.5% in the last 24 hours and shooting above $2.50 levels. The XRP price has faced huge volatile movement over the past week in the range of $1.90-$3.0. Amid the ongoing recovery, some market analysts expect a further 160% rally for crypto against Ethereum, thereby overtaking ETH in the second spot.
Crypto analyst Dom has highlighted an important XRP price chart pattern as the Ripple cryptocurrency seeks to break its “largest resistance in history” against Ethereum (ETH). Dom notes that in previous instances when the crypto has successfully broken through this key resistance, its price has gone parabolic, delivering gains of at least 160%.
“Even half of that move would be enough for XRP to flip ETH in market capitalization,” the analyst stated.
As shown in the above image, if the XRPETH pair manages to break the 0.012 resistance, it could set the stage for a parabolic rally. Probably after seven years since 2018, we might again see XRP flippening the world’s largest altcoin Ethereum (ETH), amid the strong underperformance of the latter.
Crypto analyst Ali Martinez has reported a massive surge in the number of active XRP addresses over the past week. According to Martinez, active XRP addresses have increased by an astonishing 620%, rising from 74,589 to 462,650. This significant growth underscores heightened activity within the XRP network.
Crypto analyst EGRAG Crypto has identified a potential weekly channel formation in XRP price action, drawing parallels to its historic 2017 breakout. Back in 2017, the Ripple cryptocurrency witnessed a 2,500% rally over 175 days while moving from the low end of the price channel to a cycle blow-off top. Now, the altcoin is forming a similar price action with XRP’s 21-day EMA closing above the channel and a minor wick present.
Just in case if the 2017 pattern holds, Ripple coin could surge to the Fibonacci 1.618 level, with a price target of $27-$33. Interestingly, the crypto analyst notes that as per the historical cycle, this explosive move could occur within just 28 days.
This full-blown XRP price breakout can set the stage for the next altcoin market rally. As of press time, XRP is trading at $2.42 with open interest surging 4% to $3.28 billion. However, for the parabolic rally to continue, the price must hold above $2.42 as some analysts sight risks of XRP falling to $1.5.
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