XRP has been on an impressive ride in recent weeks, capturing attention with its explosive price movement. In mid-November 2024, the cryptocurrency surged from $0.55 to $1.26 in just one week, marking a remarkable 129% rally. This performance allowed XRP to reclaim the $1 level for the first time in three years, generating excitement among investors and the wider crypto community.

However, after reaching its peak at $1.26, XRP faced resistance and experienced a pullback. Since then, it has been consolidating, with its price ranging between $1.006 and $1.19. Despite this consolidation, the $1 level has proven to be a crucial support, and the bulls have worked hard to defend it. This has led some analysts, including King Solomon, to believe that the altcoin is poised for its next big move — but only if it can overcome a key resistance level.

The $1.35 Target: A Pivotal Level for XRP’s Future

According to King Solomon, XRP’s next significant price surge will depend on its ability to close above the $1.35 mark in the coming weeks. Solomon stated that if XRP can hold above this level, it would likely “absolutely rocket,” potentially triggering a major bullish run.

Currently trading at around $1.10, XRP is in a consolidation phase, which many analysts view as a healthy development for the asset. These periods of consolidation give the market time to stabilize before the next significant move. King Solomon points out that the $1.08 level is particularly important. If XRP can maintain this price point, it could provide the necessary momentum for a future rally.

However, the real target for XRP is the $1.35 level, which is in line with the Fibonacci 1.618 retracement level around $1.3457. Solomon’s conservative approach suggests that reaching and holding above this target before the end of November could signal the start of an extended bullish trend for XRP.

Bull Flag Formation Signals Potential Breakout

In addition to the $1.35 price target, XRP’s chart shows a promising technical pattern: the bull flag. A bull flag typically occurs after a strong price rally, followed by a period of consolidation. It is often seen as a precursor to another upward move once the price breaks above the flag’s resistance.

XRP’s price action following its pullback from $1.26 appears to fit this pattern. The price has formed a pennant shape on the daily chart, indicating that a breakout could be imminent. If the price breaks above the upper trendline of this pennant, it would likely test the next resistance levels around $1.13, which corresponds to the upper Bollinger Band. If this resistance is overcome, XRP could push toward the $1.35 target.

What Happens If XRP Breaks Through $1.35?

If XRP can break through the $1.35 level and sustain its position, the next price targets become even more ambitious. According to previous analyses, once XRP surpasses the $1.3457 mark, its next major resistance would be around $1.87, located at the Fibonacci 2.618 level. Beyond that, the next significant target would be $2.40, which would mark a new high for XRP, surpassing its previous peak of $1.96 reached in 2021.

Such a rally could lead to a “parabolic” price increase, where XRP’s value would surge in a short period. This could position XRP as one of the most dominant cryptocurrencies in the market, especially if it sustains its bullish momentum beyond $1.96.

RSI and Market Sentiment: Key Indicators to Watch

One of the critical indicators to keep an eye on is the Relative Strength Index (RSI). Currently, XRP’s RSI is at 82.36, signaling strong bullish momentum. However, such a high reading also suggests that XRP is overbought, and a correction could be on the horizon. If this occurs, the bulls will need to defend the $1.0373 level, which has proven to be a solid support point in recent weeks.

An RSI above 70 is typically considered overbought, meaning the market could be due for a pullback. If the bears gain control, a dip below the $1.1 mark could signal a deeper retracement before the next upward move. However, as long as XRP can hold above key support levels like $1.08 and $1.0373, the chances of a breakout toward $1.35 remain strong.

Conclusion: A Critical Moment for XRP

XRP is currently in a crucial phase of price action, with the $1.35 level being the key to unlocking its next major rally. Analysts, including King Solomon, are closely watching how XRP handles this level and whether it can maintain its bullish momentum. If XRP can hold above $1.08 and break through the $1.35 resistance, it could set the stage for a significant price surge that could push it toward new all-time highs.

As the market continues to consolidate, investors and traders will be paying close attention to these key price levels to determine the next move for XRP. Whether this consolidation leads to a breakout or a pullback remains to be seen, but for now, all eyes are on the $1.35 level as the potential trigger for XRP’s next explosive move.