Key takeout:
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XRP approaches quarterly records, reflecting the 2017 setup ahead of the 37,800% rally.
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On-chain signals remain supportive, with MVRV Z-scores and medium-sized holders showing no indication of surrender.
XRP (XRP) is heading towards reaching its highest quarter closing price, paving the way for a wider upward trend to $15, according to analyst Milkybull Crypto.
XRP mirrors 37,800% rally setup from 2017
As of Monday, XRP had traded nearly $2.86 a day before the end of the third quarter, earning 28% in three months.
According to Milkybullcrypto, if XRP remains above its current level in the coming weeks or months, it will continue to increase in the coming weeks or months.
His bullish outlook comes from a similar record closure in 2017, preceding the rallies at 37,800% at XRP prices.
At the time, XRP finished quarterly over $0.02 in the fourth quarter of 2017, breaking through the multi-year resistance area. The move quickly snowballed at parabolic gatherings, carrying tokens to nearly $3.31 in a year.
The XRP shows a nearly identical setup for 2025. With a decisive breakout on the long-standing resistance band (red bar), quarterly candles along an area of $2.20-2.30 turn the greens.
“We’ve already surpassed resistance, as we did in 2017,” writes Milkibullcrypto, suggesting that history will ultimately propel and rhyme in the $5-15 range.
Upside Target is in line with the technology setup highlighted by several analysts in the past, bolstering the XRP Rally forecast to $15.
This includes symmetrical triangle breakout scenarios like 2017, as shown below.
Another technical setup, the Bull Flag Pattern, projects the XRP to approach or hit $15.
The XRP rally is not overheated yet, shown in Onchain data
XRP’s on-chain metrics are also leaning.
This includes the MVRV Z score for XRP. This is a measure of how much market value is above the holder’s total cost base. The score is far below the “overheated” band, which coincided with the previous blow-off top.
The mid-cycle Z-score signal still has room for a 3-$5 increase while keeping the long shot $15 to $15 target playing.
XRP wallets holding 10-100,000 tokens remain stable throughout the latest market corrections and show no indication of surrender.
What can change the bullish outlook?
Some XRP indicators simultaneously show correction risks, primarily trading at 470%, about $0.50 above the November 2024 low.
From a technical standpoint, the XRP is inside what appears to be a spreading wedge pattern that just retreated after testing the upper trend line as a resistance.
With such an amendment, prices are currently heading towards a trend line of around $1.60, between the 100-week (purple) and the 200-week index moving average (EMA).
XRP also shows a large divergence between rising prices and lowering relative strength index (RSI). This technically shows that the momentum will be slower, similar to the markets we witnessed before the Bear market in 2018.
In a similar scenario to 2018, XRP can immerse itself towards a 200-week EMA of nearly $1.27, down about 55% from current prices.
This article does not include investment advice or recommendations. All investment and trading movements include risk and readers must do their own research when making decisions.