Ripple’s XRP has been making impressive strides, with a 6% increase in the last 24 hours, bringing its price to just under $1.50. Over the past seven days, XRP has surged by an impressive 36%, positioning it for a potential rally toward the $2 mark.
The overall trend for XRP has been notably bullish in recent weeks. A significant breakout above crucial resistance levels has pushed the cryptocurrency to higher price levels. After breaking above resistance, XRP has found solid support around the $1.30 region, following a retest of a Fibonacci resistance level that has now turned into support. This price action indicates a bullish shift, with traders looking for opportunities to enter positions based on the established support levels.
The most significant support zone for XRP currently lies between $1.25 and $1.30, which has held up after recent retests. If the price were to experience a correction, short-term support levels would likely emerge around the $1.42 to $1.43 range, followed by further support around $1.36 to $1.37. The critical support zone between $1.28 and $1.30, often referred to as the “golden pocket,” remains the most crucial area for XRP bulls to maintain the momentum. This zone provides a strong foundation for the next phase of the rally.
On the other hand, XRP faces key resistance as it pushes toward the $1.50 range. The immediate resistance level is between $1.50 and $1.51, which aligns with a Fibonacci level from earlier price movements. A successful break above this resistance could set the stage for further upside movement. Traders will be closely watching this level, as it will determine if XRP can sustain its bullish momentum.
Beyond the $1.50 range, XRP faces a more significant resistance zone between $1.60 and $1.70. This area corresponds with previous price highs, where selling pressure may emerge. If XRP manages to clear this range, it could target the next major psychological milestone: the $2 level. For XRP to break into this territory, it must clear both the $1.50–$1.51 and $1.60–$1.70 levels.
Despite the positive technical indicators, analysts have noted that the breakout comes with some caution. The support line below the breakout point is based on only two touchpoints, which may not be sufficient to confirm its reliability. This introduces a slight element of risk for traders, as a failure to hold above the breakout point could result in a pullback.
However, if the support levels hold firm and the price continues to rise, XRP’s next target could be as high as $1.77, representing a potential 20% upside from current levels. With the broader cryptocurrency market showing bullish sentiment, XRP has a good chance of maintaining its momentum in the short term.
Ripple’s XRP has shown considerable strength, breaking key resistance levels and establishing solid support zones. The coin is poised for potential growth toward the $2 mark, although risks exist due to the relatively weak support line below the breakout. Traders should watch key levels around $1.50 and $1.70 for signs of continued bullish momentum. If XRP manages to clear these resistance zones, it could be on track for an extended rally.
A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5
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