XRP bulls may have a reason to smile after a sharp surge in on-chain transaction volume coincided with a rebound near the $1.25 support level, according to market analyst Ali Martinez.
Martinez noted that XRP transfers across the XRP Ledger surged to $49.70 billion as the top altcoin traded around $1.25.
Interestingly, this spike in network activity came alongside a price recovery, raising questions about whether bulls were stepping in to defend a critical support zone, with XRP presently trading at $1.29 per CoinGecko data.
Well, if the $1.25 support holds and buying pressure strengthens, Martinez’s outlook suggests XRP could attempt a rally toward the psychological and critical price of $2.
Is XRP Eyeing a Repeat of Its 6.8X Rally?
Beyond the current recovery, crypto analyst Diana has raised the possibility that XRP may be in the process of mimicking its explosive 2024 rally.
At that time, XRP traded at $0.50 before climbing to approximately $3.40, delivering a roughly 6.8-fold increase.
Well, Diana argues that the current chart could be developing similar characteristics, including a liquidity sweep, a potential bullish change of character (CHoCH), and a significant volume spike.
If XRP follows its 2024 footsteps, the altcoin could surge from the current $1.29 price level to $8.772, with Diana also identifying Fibonacci extension levels around $6.08 and $9.24 as potential upside targets.
Delving deeper into XRP’s price action, Veteran trader Peter Brandt recently identified a cup-and-handle formation; if a breakout occurs, the altcoin could surge toward $2.16.
Nevertheless, these bullish technical signals are unfolding against a backdrop of community frustration. Some XRP supporters have criticized Ripple CEO Brad Garlinghouse for the company’s growing partnership announcements while the cryptocurrency’s price performance remains lackluster.