XRP Breaks Above Multi-Year Resistance – Top Analyst Shares Price Target
XRP has made waves in the cryptocurrency market, hitting a new yearly high after surging 65% in just a few days and currently trading at $0.82. The rally has captured the attention of investors and analysts, with top analyst Carl Runefelt sharing insights on a bullish breakout for XRP.
According to Runefelt, XRP has finally broken through multi-year resistance levels, indicating the potential for significant price gains in the coming weeks.
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Optimism has been further boosted by recent positive developments in the broader cryptocurrency space that have further boosted market sentiment. There are reports that SEC Chairman Gary Gensler may resign, a move that could reduce regulatory pressure on the crypto industry. President-elect Donald Trump’s pro-crypto stance and policies have also inspired new interest and confidence among cryptocurrency enthusiasts.
These factors have created an environment in which XRP appears poised to surge higher. With investors paying close attention, the focus remains on whether XRP can sustain this momentum and continue higher. With key resistance levels cleared and positive news driving market sentiment, XRP is positioning itself as one of the most promising assets in the cryptocurrency space right now.
XRP begins bullish phase
After years of lackluster performance and a protracted legal battle with the U.S. SEC, XRP has entered a promising new bullish phase, a recovery that has fueled optimism among investors and analysts, top crypto analyst Carl Runefelt Shares a compelling technical analysis of X.
Runefelt Highlights XRP Breaking Through Multi-Year Resistance Levelsmarking a significant shift in its price trajectory. In his analysis, Runefelt cautiously predicted that XRP could reach $2 during this bull cycle, a modest target compared to analysts who expect price levels to surge past $20.
The breakout marks a turning point for XRP, which has faced sideways price action and persistent selling pressure for years. Legal setbacks, regulatory uncertainty and market skepticism have kept the asset underperforming relative to peers. However, XRP is regaining its footing amid favorable developments in the broader cryptocurrency market and continued adoption of blockchain solutions.
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Many believe that XRP may undergo a transformation in the coming months, with the possibility of eventually breaking through the all-time high of $3.84 set in January 2018. As bullish momentum builds and investor confidence grows, XRP is poised to be one of the outperforming cryptocurrencies during this market cycle.
Bullish Price Action: Key Supply Levels to Watch
XRP is trading at $0.82 after a sharp breakout cleared multiple resistance levels, signaling fresh bullish momentum. The spike reignited investor optimism as XRP showed strength after a long period of underperformance.
The next key supply level for XRP to test is $0.92, a price point that has not been revisited since 2021. A successful break above $0.92, followed by consolidation and support at this level, could open the door for a sharp increase.
If XRP maintains its bullish momentum and establishes the $0.92 support area, demand could surge, pushing the price towards $1.4 levels. This would mark an important milestone, in line with broader market optimism and bolster investor confidence in XRP’s long-term potential.
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However, the possibility of a failed breakout above $0.92 cannot be ignored. If the price struggles to remain at this level, XRP may enter a consolidation phase, remaining range-bound until new catalysts emerge. This situation may delay the next big move, but may provide an opportunity for accumulation.
As the price continues to climb, traders and investors are keeping a close eye on these key levels and recognize that this outcome could define the next chapter of XRP’s price action in this bullish cycle.
Featured image from Dall-E, chart from TradingView
