Current Market Performance
Ripple’s XRP has experienced a significant surge, climbing over six percent in the past 24 hours. Currently, it trades just below the critical $1.50 threshold. Impressively, the altcoin has soared by over 36 percent in the last week, setting its sights on the $2 mark. Below is a comprehensive price analysis provided by Josh, a seasoned analyst from Crypto World.
Bullish Trends and Support Levels
Analyzing XRP’s weekly chart reveals a robust bullish trend. The cryptocurrency has recently surpassed key resistance levels, signaling a potential upward momentum. A crucial support level has been established, following a retest of a former Fibonacci resistance level, which now acts as a solid foundation. This pivotal support is positioned around $1.30, with the support range extending from $1.25 to $1.30.
If XRP faces resistance near $1.50, short-term support is likely to be found between $1.42 and $1.43. Additional support exists in the range of $1.36 to $1.37, with a significant support zone between $1.28 and $1.30, identified as the golden pocket area.
Key Resistance Levels to Watch
On the broader timeframe, XRP encounters formidable resistance between $1.60 and $1.70, reflecting previous highs. An immediate resistance point lies at the Fibonacci level, between $1.50 and $1.51. Should XRP successfully breach this level, the next resistance zone is anticipated between $1.60 and $1.70. A breakthrough beyond this zone could propel XRP towards its next major price target, approximately $2.
Potential Risks and Considerations
Despite the promising breakout, the analyst cautions traders about the associated risks. The support line below the breakout is supported by only two touchpoints, which may not be sufficiently robust to be deemed a reliable support level. This introduces a degree of uncertainty for investors. Nonetheless, with the breakout already confirmed, the technical price target for this move is approximately $1.77, offering a potential 20% upside from the current price level.
