XRP has surged over 70% in recent weeks, decisively breaking a key resistance level that has held firm since 2018. This significant market movement points towards renewed and robust investor interest in the digital asset.
Technical indicators reinforce this bullish picture. Formations like rising exponential moving average (EMA) ribbons and expanding trading volume strongly confirm the positive momentum driving XRP’s price upwards. However, these same indicators also suggest the asset is currently in an overbought state, signaling potential short-term risks or retracement.
Market analysts identify a critical support zone for XRP between $2.70 and $2.90. On the upside, the next major resistance level to monitor stands at $3.60. Should the bullish trend sustain its strength, propelling XRP past subsequent resistance barriers, technical projections based on log regression bands place the next major long-term target near $8.00.
Trading volume remains notably robust. Specific data from exchanges like Upbit further indicates this surge could be fueled, at least partially, by institutional interest entering the market.
While the immediate technical overbought condition warrants caution in the near term, the decisive break of multi-year resistance has significantly improved the long-term technical outlook. Sustained momentum beyond the $8.00 target could potentially fuel a parabolic phase, opening the possibility for extensions to significantly higher price points like $40 or even $100.