Recently, XRP's price has been hovering around the critical resistance level of £0.6649, which I believe is key to future trends. To achieve higher targets, XRP must break through this threshold; only then can it unlock potential rebounds.
Currently, the price of XRP is around £0.5253, up about 1% in the last 24 hours. I see that if it can break through £0.6649, XRP's next target will be £1.88, and it may even reach long-term targets of £5.85 and £18.22. These price targets are not arbitrary but are based on my analysis of market trends.
In my analysis, the price point of £0.6649 is very important as it corresponds to the 70.20% Fibonacci retracement level, which has repeatedly been an obstacle for XRP's rise. If it can break through this point, XRP is likely to re-enter the upward trend of the third wave, further driving price increases.
Additionally, XRP must stay above key support levels, especially £0.3917 and £0.4850. These two price levels not only serve as technical indicators of support but will also help me assess future trends. If XRP breaks below these supports, it could lead to a more bearish scenario.
Another factor worth noting is the performance of Bitcoin. If Bitcoin can stabilize above £70,000, the price of XRP could rise to £12, an increase of over 2,000%. If Bitcoin goes further, reaching £160,000, XRP could even soar to £27. The performance of Bitcoin has a significant influence on the entire market.
Despite the current market uncertainties, I remain optimistic about the future of XRP. Recent partnerships and market dynamics of Ripple have led me to believe that the slump XRP is experiencing may only be temporary. I will closely monitor these key support and resistance levels, looking forward to XRP achieving higher breakthroughs in the future.
