XRP’s Recent Performance and Market Trends
Ripple’s XRP has experienced a significant surge, climbing over six percent in the last 24 hours. Currently trading just below the $1.50 mark, XRP has seen a remarkable increase of over 36 percent in the past week. This upward trend has sparked interest among investors as the altcoin sets its sights on reaching the $2 milestone. Analyst Josh from Crypto World provides a comprehensive analysis of XRP’s current market dynamics.
Weekly Timeframe Analysis: Bullish Signals
On a weekly scale, XRP’s market behavior is indicative of a pronounced bullish trend. Recently, XRP has surpassed crucial resistance levels, indicating a shift towards positive momentum. A key support level has been identified following a recent retest of a previous Fibonacci resistance level, which now serves as new support. This support level is positioned at roughly $1.30, with general support observed within the $1.25 to $1.30 range.
Potential Short-term Support Levels
Should XRP face a rejection near the $1.50 threshold, short-term support is anticipated between $1.42 and $1.43. Additional support is likely to be found between $1.36 and $1.37, with a significant support zone between $1.28 and $1.30, highlighted by the golden pocket area. These levels are crucial for maintaining the current upward trajectory.
Resistance Levels to Watch
On the larger time frame, XRP encounters strong resistance in the $1.60 to $1.70 range, aligned with previous high points. An immediate resistance level is identified at the Fibonacci range of $1.50 to $1.51. Successfully overcoming this barrier could propel XRP towards the next resistance zone between $1.60 and $1.70. A breakthrough in this area may pave the way for XRP to target the next major price level around $2.
Analyst’s Cautionary Note
Despite the optimistic outlook, the analyst advises caution regarding the breakout, noting a slight increase in risk. The underlying support line beneath the breakout is characterized by only two touchpoints, which diminishes its reliability as a support level. This introduces a degree of uncertainty for traders. However, with the breakout confirmed, the technical price target for this movement is approximately $1.77, suggesting a potential 20% upside from the current price level.
