XRP is finally gaining traction after days of struggling below the $0.60 supply level. This newfound momentum is reigniting hope among investors and analysts who have been waiting for the altcoin to break out of its prolonged consolidation phase.
XRP begins to show signs of strength, and market participants are closely watching to see if the price can maintain this upward trend and challenge higher supply levels in the coming weeks.
Prominent crypto analyst Carl Runefelt has recently shared an optimistic prediction for the altcoin, reflecting the broader market’s expectations of a significant price appreciation rally. According to Runefelt, XRP’s recent breakout could be the beginning of a more substantial move that could lead to the altcoin revisiting key resistance levels last seen earlier this year. With renewed optimism building, many are speculating whether this surge will finally allow the price to catch up with the broader crypto market’s gains.
As the price hovers around crucial levels, all eyes are on XRP to see if it can sustain its upward momentum and push through the barriers ahead. A successful breakout could set the stage for a strong rally, signaling a potential trend reversal and a new phase of growth for the digital asset.
XRP Ready To Reach $0.90
XRP is currently trading at a crucial level of supply that must be broken for the altcoin to reach higher prices and keep pace with the broader market’s gains.
As positive sentiment spreads across the crypto market, traders and investors are eagerly searching for promising opportunities, and XRP’s price action has caught their attention. A strong breakout from this level could signal the beginning of a new rally, driving XRP to new highs and potentially reigniting interest in the asset.
Prominent analyst Carl Runefelt recently shared a technical analysis on X, focusing on XRP’s current situation. According to Runefelt, XRP is trading within a daily triangle pattern—a key indicator of potential volatility and directional movement.
He points out that if this pattern breaks to the upside, it could send the price soaring toward higher supply levels around $0.90, representing a substantial 50% increase from current levels. This would be a significant move for XRP, aligning with the optimistic outlook many in the crypto community are hoping for.
However, for this scenario to play out, XRP must first break through the existing resistance levels and confirm a new uptrend. The current consolidation phase could either serve as a launchpad for a strong rally or signal continued indecision. A successful breakout would likely attract more investors, leading to increased trading volumes and further price appreciation.
Price Action: Holding Above $0.60
XRP is currently trading at $0.61 after a modest 6% surge in the past day. The price is holding strong above the daily 200 moving average (MA) at $0.54, signaling long-term strength. However, despite the recent uptick, the price is still struggling to break through the crucial supply level around $0.65. This resistance has been a significant hurdle for the asset, and until it is convincingly surpassed, the current rally may lose steam.
For the bulls to maintain momentum, the price needs to post a new high above $0.65 and push toward the next target at $0.75. Achieving this would likely attract more buying interest and further fuel the uptrend, aligning XRP with the broader positive sentiment in the crypto market.
On the other hand, if the price fails to close above the $0.65 level, it could lead to a prolonged period of sideways trading. This would likely frustrate investors hoping for a breakout and could result in reduced trading volumes. In this scenario, the price could remain range-bound, oscillating between $0.54 and $0.65 until a clear catalyst emerges to either push it higher or trigger a deeper correction.
Featured image from Dall-E, chart from TradingView
Credit: Source link
