Ripple’s XRP is exhibiting strong performance during the ongoing bull market, maintaining its positive trajectory. Currently, XRP is trading above the important $1.50 mark, having increased by more than six percent over the past 24 hours. Over the last week, the altcoin has achieved a 20 percent gain and is now poised to challenge the $1.60 level. In comparison, Bitcoin, the leading cryptocurrency, is trading above the $97k threshold but has entered the red zone.
XRP Continues Its Bullish Trend
While many cryptocurrencies experience fluctuating trends, XRP often follows a more direct upward path, particularly in bull markets. At this juncture, XRP is encountering some resistance between $1.60 and $1.70. A breakthrough above $1.70 could set the stage for XRP to reach $2 in the near future. Keep an eye on a breakout above $1.70 to confirm this potential upward move.
Support Levels
According to Josh from Crypto World, should a pullback occur, XRP finds strong support within the $1.25 to $1.30 range. This zone has consistently served as major support recently, suggesting that any decline is likely to rebound from these levels.
Short-Term Outlook: Breakout and Resistance
XRP has successfully emerged from a triangular pattern. Although the breakout experienced a slight delay, the price is currently on track to reach the target of $1.77. Short-term resistance may surface around $1.70, but once surpassed, XRP is anticipated to sustain its upward momentum.
Previous Resistance Becomes Support
The breach of the $1.50-$1.51 resistance marked a pivotal change in XRP’s price action. With this level cleared, XRP’s value surged higher. These former resistance levels are expected to transform into new support zones. Look for support around $1.62 to $1.63, with additional support at $1.56 or $1.50 if prices experience a pullback.
