Is XRP Set For A Comeback? Another Record-Breaking All-Time High This 2024?

Like most cryptocurrencies, XRP gained a massive bullish momentum last week, showcasing a remarkable performance. Interestingly, the token’s current state reflects a past rally that led to XRP reaching an all-time high a few years ago.

According to CoinMarketCap, XRP bulls dominated last week, with the token’s price rising over 25%. At press time, XRP was trading at $0.61, with a total market cap of $34.23 billion.

Milkybull, a popular crypto analyst, tweeted about a major development: XRP appears to be following a pattern similar to 2017. That year, a bullish pennant formed on its chart, and a breakout above the pattern led to the token reaching an ATH in 2018. 

A similar pattern seems to be forming in 2024. Therefore, if history repeats itself, investors might see XRP reaching new highs in the coming months. 

A significant catalyst driving the bullish momentum has been Ripple’s first anniversary commemorating a landmark victory over the SEC.

On July 13, 2023, XRP received accolades and saw intense market demand following US District Judge Analisa Torres’ declaration that XRP is not a security, marking a pivotal ruling. The court determined that Ripple’s sale of XRP on public exchanges did not breach securities laws. 

This favorable legal outcome prompted major exchanges such as Coinbase and Kraken to relist XRP, thereby enhancing investor confidence significantly. 

As XRP trades nearly $0.65, nearing notable resistance at $0.70. According to Fibonacci retracement levels, crucial support is observed around $0.48 (23.6%) and $0.43 (38.2%), levels that XRP has previously tested and maintained. These supports are pivotal for sustaining the current bullish trend. 

A breakthrough above the $0.70 resistance could indicate additional upward potential, aiming for targets around $0.80 or potentially higher if the momentum continues.