Ripple's XRP has surged by over 6% in the past 24 hours, trading just below the $1.50 mark, as it continues to outperform the market. With an impressive 36% rise in the last week alone, XRP is now setting its sights on reaching the $2 threshold. But what’s fueling this bullish rally? Let’s break it down with insights from analyst Josh of Crypto World.
XRP's Bullish Trend: A New Era?
Looking at the weekly chart, it's clear that XRP is in a strong uptrend. The altcoin recently broke through key resistance levels, signaling the potential for even more upside momentum. A significant shift occurred after a successful retest of a former Fibonacci resistance level, which is now providing robust support around $1.30. This indicates that XRP may be poised for further gains in the near future.
Key Support and Resistance Zones to Watch
Support Levels: The immediate support zone for XRP sits between $1.42 and $1.43, with additional support found between $1.36 and $1.37. The major support zone lies around $1.28 to $1.30, known as the golden pocket area. This suggests a cushion for XRP should it experience any pullbacks in the short term.
Resistance Levels: On the flip side, XRP faces strong resistance between $1.60 and $1.70, a range marked by previous highs. If XRP can break past the immediate resistance around $1.50 to $1.51, it could easily push towards the $1.60-$1.70 zone. Should it break through this critical range, the next major price target is $2.
A Word of Caution: Proceed with Care
Despite the bullish outlook, analyst Josh warns that the breakout is accompanied by a slight increase in risk. The reason? The support line beneath the breakout has only formed with two touchpoints, which may not be enough to make it a highly reliable foundation. This introduces a layer of uncertainty for traders looking for stability.
However, the confirmed breakout still presents a promising technical target of $1.77, offering a 20% potential upside from its current price level.
Is $2 in the Cards for XRP?
With the market showing signs of strength, XRP’s upward trajectory may just be beginning. As the cryptocurrency continues to test key resistance levels, its next major target could be the coveted $2 range. Traders should watch the key support and resistance zones closely to gauge where the market is headed next.
So, is XRP ready to break out? Only time will tell, but with the current momentum, it’s clear that Ripple’s token is gearing up for what could be a thrilling ride to new heights. Stay tuned!
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