XRP has made a strong jump, surpassing the resistance level of 0.95-0.97 USD on November 16 and peaking at 1.2698 USD on the Binance exchange. Over the past 5 days, the price has remained above 1 USD, indicating stability and strong growth potential.
However, with the current price trend, the likelihood of testing the resistance area of 0.95-0.97 USD is very high before heading towards the long-term target of 5 USD. Some reasons supporting this viewpoint:
1. Technical support and rechecking the resistance area:
After a strong increase, the price returning to test the important support area is a healthy sign to reinforce growth momentum. If XRP holds above the level of 0.95-0.97 USD, this will confirm that this area has shifted from resistance to strong support, laying the foundation for higher price targets.
2. Market structure:
The price structure of XRP is currently in an upward trend, breaking through key resistance levels. However, trading volume has been gradually decreasing since the peak of 1.2698 USD, indicating a possibility of slight correction before continuing to rise.
3. Market sentiment analysis:
After a strong increase, short-term profit-taking sentiment may emerge, pushing prices back to the support area. This is an opportunity for large investors to accumulate more XRP, reinforcing long-term growth.
4. Target 5 USD:
The 5 USD level is a significant psychological target. To achieve this milestone, XRP needs support from market factors, including positive news related to Ripple technology, regulatory frameworks, and investor sentiment. Testing the lower resistance area will help eliminate weak-handed investors and increase the sustainability of the growth trend.
Conclusion
Although XRP may test the area of 0.95-0.97 USD in the short term, the long-term outlook remains very positive. If this support area holds, the possibility of XRP reaching the target of 5 USD is entirely feasible, especially as the cryptocurrency market shows an overall growth trend. Investors need to monitor trading volume and price reactions at support areas to confirm the next trend.