Ripple’s XRP is on the rise, with the cryptocurrency trading just shy of the $1.60 mark after successfully breaking through the $1.50 resistance level. This surge, fueled by a more than 7% increase in the last 24 hours, has traders speculating that XRP may be on track to hit $2 in the near future. Let’s explore what’s driving this upward movement and whether XRP can maintain its bullish momentum.

The Technical Breakout

XRP’s recent surge is largely due to its breakout above critical resistance levels. The coin has been climbing steadily after breaking the 78.6% Fibonacci retracement level at around $1.30. After breaking through this barrier, XRP managed to retest the $1.30 level, which has now flipped to act as solid support. This behavior is a key signal for analysts, as it indicates that XRP could be primed for further upward momentum if it holds above this support zone.

Additionally, XRP recently broke free from a symmetrical triangle pattern, a move that often signals strong bullish action. While the price did briefly retrace to retest the breakout level, it held above previous resistance points, which now act as new support. This retesting phase is crucial as it shows that the bullish trend is not just a fleeting spike, but rather a solid movement that could push XRP toward higher price levels.

Resistance and Support Levels

XRP has several critical levels to watch as it aims to extend its rally.

Key Resistance Zones:

The immediate resistance for XRP is between $1.50 and $1.51. If XRP can sustain momentum above this range, the next resistance zone is between $1.59 and $1.63. A successful breakout above this range could see XRP pushing toward $1.70, and from there, it may continue climbing toward the $2 mark.

Support Levels to Watch:

On the downside, the immediate support for XRP lies between $1.42 and $1.43. This range has acted as previous resistance, and its transformation into support is a positive sign for XRP’s continued upward movement. If the price fails to hold above this support, the next major support level would be found between $1.36 and $1.37. A fall below this range could signal a reversal in momentum, invalidating the bullish outlook.

Short-Term and Long-Term Outlook

While XRP has shown impressive short-term gains, the long-term trend appears equally promising. As of now, XRP’s weekly chart remains in bullish territory, which suggests that it could maintain its upward trajectory if it continues to hold key support levels. A break above $1.70 could propel XRP toward the $2 target, but sustained buying pressure will be crucial for this to happen.

In the short term, the key will be whether XRP can maintain its position above $1.50. If the coin fails to break past $1.51 with confirmed buying pressure, a pullback to $1.36 may occur. On the other hand, a successful breakout above $1.51 could lead to even higher gains, with $1.59 to $1.63 as the next potential targets.

Analyst Insights

Crypto analyst Josh from Crypto World points out that XRP’s recent price action is encouraging, as it has held above its breakout level and is now testing new resistance levels. He emphasizes that the coin needs to hold the $1.30 support to maintain its bullish momentum. As long as XRP stays above this level, the next steps could include testing and potentially breaking through the $1.60 to $1.70 resistance zone.

Despite the promising outlook, Josh also notes the inherent volatility in the crypto market. Price corrections are always a possibility, and traders should remain cautious, watching for signs of a reversal, especially if the price dips below $1.36.

The Road Ahead: Can XRP Reach $2?

XRP is in a prime position for further gains, with the potential to reach $2 if it can break above the key resistance zones. However, as is the case with any cryptocurrency, XRP’s future is uncertain. While the overall trend is bullish, traders should monitor support and resistance levels closely to determine if the upward momentum will continue or if a pullback will occur.

For now, XRP remains one of the most closely watched altcoins, with its performance in the coming days likely to influence sentiment across the broader cryptocurrency market. Whether it can hit the $2 mark or face a pullback, XRP’s current price action makes it a token worth keeping an eye on.