How high can the price of XRP go?

XRP (XRP) It has surged 134 percent since the Nov. 6 U.S. election, taking its year-to-date gain to positive territory of more than 80 percent. XRP price also exceeded $1 for the first time since December 2021.

Currently, technical conditions show XRP as an overbought asset, which is typically a period of consolidation or a complete correction.

While that is very possible, the cryptocurrency's long-term charts suggest further gains through 2025.

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XRP price pulls back after 3-year highs

In the year On November 16, XRP's daily Relative Strength Index (RSI) rose above 93, an overbought level not seen since March 2017. This increase came along with a 42% one-day price increase, pushing the XRP/USD pair to a high of approximately $1.25.

Since then, the price of XRP has recovered by about 9.75%, and is now stabilizing above the crucial $1 mark, which turned from resistance to support.

The strengthening trend shows that traders are taking a pause to prepare for the next market.

That makes the XRP markets contrarian biased, with an overbought RSI leading to further corrections rather than price increases.

If there is a correction, the price of XRP may drop to the 1.0 Fibonacci retracement level support around $0.936, which is an 18% drop from current price levels.

RELATED: XRP Price Retraces 20% After Hitting Multi-Year Highs – Is The Core In?

On the other hand, the continued momentum of XRP may cause it to retest the high in the area of ​​$1.25 in the coming days, but breaking it in the near future could be a problem for the bulls based on the given technical pattern.

XRP/USD weekly chart puts 50% profit in play.

On the weekly chart, XRP appears to have broken above the massive Symmetric Triangle pattern in November, ending a seven-year consolidation trend.

Interestingly, the triangle breakout is similar to the one in March 2017 that preceded the 46,440% price rally.

Since November 18, XRP is consolidating between the 0.236 and 0.382 Fibonacci retracement levels, around $0.87-1.35.

The XRP/USD pair needs to break above $1.35 to confirm a long-term bull cycle. That could happen after Donald Trump fired Gary Gensler as chairman of the Securities and Exchange Commission (SEC); And more if the agency approves spot XRP exchange-traded funds (ETF) in the US.

The primary bullish target for this bullish scenario in 2025 appears to be around $1.75, coinciding with the 0.5 Fib line, which is approximately 50% of the current price level.

This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.