Ripple’s XRP recent upswing may result in a price spike if its support at $0.52 holds, according to top analyst Crypto Yapper, who has 16.6k followers on X (formerly Twitter).
In addition, the XRP price is presently hovering around $0.532, and the market is waiting to see if this level of support holds and drives the token into the next resistance region, which is located between $0.60 and $0.65.
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Show more +Show less – XRP Price Uptrend and Key Support Levels
The XRP chart shows that the token is forming higher lows, indicating an upward trend since June 2024. But a clear rising trendline has been drawn, and it currently intersects with $0.52, which is critical to keeping the bullish momentum going.
Image Source: X/CryptoYapper
However, the XRP price may make another attempt to break over the $0.60–$0.65 resistance range if this trendline persists.
According to CryptoYapper, the XRP price has been showing signs of consolidation and an impending upward breakout by producing higher lows and equal highs. He emphasizes that XRP’s current support needs to hold to maintain its bullish trajectory. Failure to do so might indicate a shift in market sentiment.
Read Also: XRP Price Could Hit $10,000: Ripple Analyst Explains Why
XRP Price Consolidation and Resistance
The resistance zone between $0.60 and $0.65 has been tested multiple times, as evident in the chart analysis, but XRP’s price has faced repeated rejection in this range. This zone represents a compelling supply area where selling pressure tends to increase.
However, equal highs suggest that the XRP price movement may be about to establish an ascending triangle pattern, which usually leads to a breakout in the direction of the prior trend.
If XRP’s price sustains the $0.52 support level, it might test the resistance zone once more and possibly break through to the topside. A successful breach could signal the start of a larger upward move.
Yet the market structure of XRP right now demonstrates a careful balancing act between levels of support and resistance. A positive breakout could occur if traders can determine if the token’s current level of consolidation, which is $0.52, will hold.
Finally, the higher lows and the potential ascending triangle formation give rise to optimism for additional gains should XRP’s price overcome the $0.60–$0.65 resistance zone. It’s an important time for the price movement of XRP because its future depends on its capacity to maintain support.
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