XRP has experienced a notable price surge over the last couple of weeks, buoyed by growing optimism surrounding its ongoing legal battle and developments in the U.S. Securities and Exchange Commission (SEC). One of the key factors driving the recent rally is speculation about Gary Gensler’s potential departure from his role as SEC chairman. Many believe that his exit could be a favorable turn for XRP, especially as it continues its legal fight to prove whether or not it should be classified as a security. A change in leadership at the SEC could bring more favorable conditions for XRP, fueling the cryptocurrency’s bullish momentum.

As of November 18, XRP is navigating critical resistance zones that could determine the next leg of its price movement. Here’s a breakdown of what investors should be watching for in XRP’s price action.

Testing Key Resistance Levels

XRP’s recent price rally has brought it close to two important resistance levels: $1.11 and $1.26. According to analyst Josh from Crypto World, the $1.11 level is significant due to previous candle wick highs, while the $1.26 mark is based on past candle closes. XRP has faced rejection at the $1.26 level, which is now acting as a strong barrier for further upward movement.

If XRP manages to break above the $1.26 resistance, the next major target would be $1.59, based on previous candle closes. Traders will also be eyeing the $1.95 resistance level, where higher wick resistance sits, which could be a key point if XRP continues its rally.

Key Fibonacci Levels and RSI Insights

On the weekly chart, the 78.6% Fibonacci retracement level, around $1.29 to $1.30, aligns closely with the $1.26 resistance. This overlap could make the $1.26–$1.30 region a formidable obstacle for XRP in the short term.

If XRP manages to push through this resistance, it could aim for the $1.73–$1.95 range, where previous highs lie. However, there are some cautionary signals on the chart. The Relative Strength Index (RSI) on the weekly chart is approaching overbought territory, a condition that often leads to price pullbacks. The last time XRP’s RSI entered this zone was in July 2023, and it led to a slight correction before continuing its upward trend.

Although a major crash seems unlikely, considering the overall bullish sentiment in the market, a short-term pullback could be expected before XRP attempts another breakout. Traders should be cautious of potential corrections, especially if the $1.30 level proves difficult to breach.

XRP’s Path to $2

Given XRP’s history of sharp price movements, it’s important to note that the cryptocurrency often experiences rapid and near-vertical price action during bull markets. This can mean that any pullbacks are typically short-lived, especially when strong upward momentum is at play.

If XRP manages to break through the $1.30 resistance zone, the cryptocurrency could be primed for a move toward $1.59 and potentially even $1.95. If the price continues to surge, the ultimate target could be $2, but this would require a sustained bullish trend and favorable market conditions.

Conclusion

XRP’s recent price action suggests that the cryptocurrency is gearing up for a potential breakout, but it must first navigate key resistance levels. The $1.26–$1.30 zone is the immediate hurdle for XRP, and breaking above this could unlock the path to $1.59, $1.95, and potentially even $2. However, with the RSI entering overbought territory, a short-term correction cannot be ruled out.

As always, XRP is known for its volatility and sharp price movements, so traders should stay alert to any changes in market sentiment. While a pullback could happen, it may present a buying opportunity for long-term investors looking to capitalize on the broader bullish trend.