After Mirroring Bitcoin's Strong Breakout, XRP Recently Surged to an Intraday High of $2.47

After mirroring Bitcoin's strong breakout over the past week, XRP recently surged to an intraday high of $2.47 before retracing

According to crypto analyst Dark Defender, the recent Golden Cross on XRP’s weekly Relative Strength Index (RSI) is a key technical signal that previously preceded a massive 600% rally in November 2024.

The appearance of the new RSI cross also coincides with the elimination of a long-standing weekly resistance trendline as XRP broke to $2.59 on May 14. As the analyst’s chart shows, this breakout is highlighted by a bright green trendline being breached and a bullish pin bar candlestick forming just above it, which adds strength to the bullish case.

The RSI’s behavior in the 1W candlestick timeframe chart (shown above) is also particularly telling. The purple RSI line has crossed above the yellow moving average once again, exactly as it did in early November 2024. Back then, XRP flashed the cross when its price was trading around $0.5.

However, the ensuing price action saw it explode by over 600% to peak at a multi-year high around $3.31 on January 12, 2025.

Considering the previous price action after the weekly RSI cross in late 2024, crypto analyst Dark Defender’s outlook is based on repeating the same 600% rally or close in the coming weeks. Following this development, Dark Defender has highlighted two key price targets.

The first is $3.33, close to the multi-year peak in January 2025. Should XRP break past that level, the next major target lies around $5.85, corresponding to the 261.8% Fibonacci level. The analyst refers to this upper range as the parapet, meaning that this level could be the next all-time high peak after the price rallies.

The Elliott Wave structure plotted on the chart shows a five-wave impulsive move, and XRP is now about to enter wave III, the longest and most powerful wave in a bullish cycle. If this structure plays out as expected, XRP could rapidly push through $2.59, hold above $3.33, and rally toward the upper boundary of the projection range.

Interestingly, none of these price targets use a repeat of the full 600% rally. The $3.33 target is 43% away from the current price level, while $5.85 represents a 150% gain from the current price.

At the time of writing, XRP is trading at $2.34.