XRP Rally Sparks Discussion on Reaching $8–$12 Target Range

XRP experienced a significant increase, jumping approximately 25% from its recent lows. This movement has sparked discussions about whether XRP is beginning a larger upward trend or if it’s merely a short-term rise that will stabilize.

Key Observations from Will Taylor

Taylor notes that the hourly RSI indicates overbought conditions, which typically precede price pullbacks or stability.
On the four-hour chart, RSI is extremely high, suggesting potential for either a continued rally or consolidation.
The daily chart shows XRP breaking above a previous resistance level, achieving its highest daily close since November 13th.

XRP Price Targets and Market Structure

Historically, when XRP's daily RSI enters overbought territory, the price often continues to rise significantly.
Potential price targets based on past patterns include $3.13 for a smaller continuation and $3.66 for a larger extension.
The most optimistic scenario places XRP between $8 to $12.
Several Elliott Wave interpretations suggest different potential paths, but Taylor remains uncertain of the immediate wave count.

Market Dynamics and Liquidity

Taylor observes the "impulsive" nature of the recent rally, highlighting strong volume support across exchanges.
He monitors liquidity zones, with downside risks around $1.70 to $1.66, cautioning against treating current levels as new entry points.
Taylor considers reducing leverage due to mixed signals, maintaining a mostly spot position.

If XRP maintains strong performance and relative pairs surpass resistance, the target zone of $8–$12 could become achievable. However, persistent overbought signals and liquidity concerns might lead to consolidation or retracement before a major move occurs. Currently, XRP is trading at $2.25.

XRP price chart