After a multi-year rally at $3.4
Since the Satoshi Nakamoto era, Ripple Labs' XRP has been a standout performer as the total crypto market cap nears the $4 trillion mark. The utility-based altcoin led the top 20 crypto projects to trade up more than 10 percent to $2.64 in New York's midterm session on Tuesday, December 17, 2007.
As a result, the large-cap altcoin, with a fully mined value of $265 billion and an average daily trading volume of $21 billion, is only 21 percent away from retesting the all-time high (ATH) set in January 2017. Additionally, following an impressive rally of more than 420 percent over the past two months, XRP price has broken out of a multi-year symmetrical triangular consolidation.
What's next for the price of XRP?
After being trapped in a bearish consolidation over the past two weeks, XRP price has broken out of the falling channel in preparation for a new bull rally. According to popular trader Peter Brandt, the price of XRP has finally broken out of the bullish flag, signaling the start of a rally.
In terms of technical analysis, the XRP price is targeting the next $3.4, which corresponds to the daily 0.618 Fibonacci extension. However, the price of XRP in the daily time frame needs to close permanently above the $2.6 resistance level to confirm the rally to the ATH.
Ripple's strong fundamentals
Ripple has grown over the years into a leading blockchain payments company focused on the cross-border space. To complement the XRP service for cross-border payments, Ripple has launched a fiat-backed stablecoin called RLUSD to compete with existing leaders led by Tether's USDT and Circle's USDC.
The developments in XRPL have greatly boosted the mainstream adoption of XRP. Moreover, Ripple's core developers plan to enable multi-chain smart contract compatibility for the XRPL network next year.
