After dropping below the psychological price of $2.5, XRP is back in full swing since bullish momentum is building up.

As a result, XRP has entered the home stretch of concluding its consolidation phase, with all eyes on the $5.85 price level.

Renowned crypto analyst Dark Defender acknowledged, “XRP almost finalized the consolidation on the daily Chart, as seen from the RSI lows. Wave 3 is preparing to fire the bullet against the $5.85 parapet. The short-term target is $5.85 and $8.76. Supports: $1.88, $2.33. We are warming up, phase II.”

Source: Dark Defender

Market analyst Mikybull Crypto echoed these sentiments and stated that XRP was gearing up for a rebound, with the next target being $4.

Source: Mikybull Crypto

At the time of writing, XRP was up by 13.68% in the past week to hit $2.70, according to CoinGecko data.

Will XRP Hit a New All-Time High (ATH ($0.02)) in the Short Term?

Having set $3.40 as the all-time high in January 2018, XRP is showing that it has all it takes to shatter this level, given that its price recently rose to $3.20 after Donald Trump took the helm of the U.S. presidency.

With the short-term price targets of $4 and $5.85, the XRP ecosystem is painting a bullish picture, implying that it’s just a matter of time before the third-largest cryptocurrency hits new historic highs.

Meanwhile, Ripple’s RLUSD ($1.00) stablecoin is expected to ignite the XRP fire by driving demand to unprecedented levels, which further cements the altcoin’s quest to soar to new heights.