XRP Analyst Sets $2 Target If It Holds Key Level – Can It Reach Multi-Year Highs?
XRP has emerged as a prominent leader in the recent cryptocurrency rally, delivering huge gains and fueling investor optimism. The price has soared a staggering 225% in less than three weeks and shows no signs of slowing down as momentum builds. This surge made it the best-performing altcoin, attracting the attention of analysts and traders.
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Prominent analyst CrediBull of X has shared a detailed technical analysis that highlights a strong bullish structure for XRP. According to his insights, XRP is currently in a clear 5-wave pulse move, a pattern typically associated with a sustained uptrend. CrediBull predicts that if key support levels continue to hold, the price could surge above $2 in the coming weeks, marking a major milestone for the altcoin.
As excitement builds, market participants are paying close attention to its performance. The continued rise suggests XRP may reach new highs and pave the way for a broader altcoin rally. Its ability to maintain its upward trajectory will depend on its ability to maintain key support levels and capitalize on the current bullish sentiment. Currently, XRP remains the focus of the market, and its next move is eagerly anticipated.
Bullish rally could continue
XRP’s recent bullish phase may be just the beginning, as optimism continues to grow among analysts who expect higher prices in the coming months. However, XRP must test and sustain key price levels in order to sustain its momentum and enter the next phase of its rise.
Renowned analyst CrediBull shares his insights on Xindicating that XRP is currently in a clear 5-wave pulse trend, which is a strong indicator of a bullish trend. According to his technical analysis, this pattern confirms that XRP’s absolute bottom was established earlier this year at $0.49. He also highlighted the importance of the $1.05 level as the origin of the fifth sub-wave in this pulse structure.
CrediBull explains that if XRP falls below $1.05, it could signal the beginning of a larger Wave 2 correction, which could precede the next major upward impulse (Wave 3). However, if XRP holds above $1.05, it would indicate that the fifth sub-wave is extending, potentially pushing the price to $2 or higher before any major pullback occurs.
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This analysis reinforces the idea that XRP’s current rise may be just the beginning of a broader bullish trend. Investors are now keeping a close eye on whether XRP can sustain key support levels and confirm further gains.
XRP Hits Multi-Year Highs: The Next ATH?
XRP is trading at $1.45, after an impressive price rally yesterday, hitting $1.63, its highest level since May 2021. This milestone has fueled investor optimism, making it possible for XRP to rise to new all-time highs in the coming months. . The continued upward momentum reflects growing confidence in the price’s bullish trajectory.
However, the recent gains also bring the possibility of consolidation. The price may need to calm down and gather strength below the $1.63 mark before continuing higher. Consolidating phases are a natural part of any major rally and help build stronger support for future price action.
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The key level to watch remains $1.05, identified as a key support area. If the price remains above this level, it will strengthen its bullish outlook and set the stage for a potential breakout and continuation of the uptrend in the coming weeks. Analysts believe that maintaining this level would be a strong signal of market confidence, paving the way for XRP to consolidate recent gains and target new milestones.
Featured image from Dall-E, chart from TradingView
