XRP has seen an impressive price increase over the past 1–2 weeks. One of the main drivers of this price increase is the news surrounding Gary Gensler’s possible departure from the SEC, especially as some believe his departure could have a positive impact on XRP’s ongoing legal battle. The change in SEC leadership could mean more favorable conditions for XRP in the future.
According to Crypto World analyst Josh, the cryptocurrency is currently testing two important resistance levels. The first level is around $1.11, based on the high of the previous candle wick, while the second level is at $1.26, drawn from the close of the previous candle. XRP recently rejected at $1.26, which is currently acting as strong resistance.
If XRP can break above $1.26, the next potential target would be around $1.59, based on the previous candle close. Higher wick resistance is located around $1.95, which could be an important level to watch if the price continues to rise.
XRP's Road to $2
In terms of resistance on the weekly chart, the 78.6% Fibonacci retracement level, located between $1.29–$1.30, is close to $1.26. This area is likely to pose major resistance and XRP may have a hard time breaking through in the short term.
If XRP manages to break above $1.30, the next target could be the previous high at $1.73 or even $1.95. However, it should be noted that the RSI on the weekly chart is entering overbought territory for the first time since July 2023, which has historically led to pullbacks. While a major breakdown is unlikely given the overall bullish market conditions, there could be a slight correction before another breakout.
Conclusion
XRP is known for its strong moves in bull markets, often moving in near-vertical price action. Therefore, any pullbacks should be viewed with caution, as they can sometimes be short-lived, especially when strong upward momentum is underway.
