The performance of XRP’s price has been mixed this year. After reaching multi-year highs in January, the token has experienced significant volatility. That being said, XRP is once again showing signs of a potential bull run approaching soon.
Ever since November last year, XRP has consistently held above a multi-year resistance level at around $2. This level was a resistance for the token in both 2018 and 2021, after which it saw an exponential correction followed by a subsequent exponential breakout.
With the XRP price defending and staying above this zone, a bull thesis is starting to form even in this month’s low. According to this view, XRP is preparing for a major breakout, which could see it reach all-time high levels.
The next breakout target is $3.363, at Fibonacci level 1, which corresponds to XRP’s multi-year high, last seen on January 25. If the token stays above this level, a bull run could drive it to $8.34, at the Fibonacci level of 1.272.
Can XRP Price Reach $15?
After that, the next target is $13.55, which represents a potential 500% increase from its current values. Given the potential for such a breakout, it is no wonder whales are investing.
Notably, since early February, wallets holding between 1 million and 10 million XRP have increased their holdings by 3.8%, between 5.6 billion to 5.81 billion. Moreover, on Wednesday, March 26, a whale made an astounding purchase of 8 million XRP tokens.
Meanwhile, Bitcoin shows signs that its dominance is about to dip significantly. Bitcoin’s dominance is currently running against a key trendline aligned with multi-year highs. At the same time, the altcoin season index fell below the key level of 25, which adds to the case for reversal and major altcoin gains.
The most likely scenario for this happening is a major market rally, in which altcoins could benefit. Moreover, XRP will likely see another boost from the coming ETF launches in the US. This could bring in institutional capital, especially after the apparent endorsement from the Trump administration.
READ MORE: Is Altcoin Season Coming? Bitcoin Dominance Could Decline Significantly
