XRP Consolidates Below Crucial Resistance – Analyst Sets $1.60 Target
XRP is currently consolidating after a sharp 20% retracement from the recent local high of $1.63 set last Saturday. Despite the pullback, XRP remains a strong contender in the market as it holds above key demand levels and has shown resilience amid broader market volatility. As Bitcoin hits the psychological $100,000 mark, XRP’s price structure continues to signal bullish potential, attracting the attention of traders and investors.
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Cryptocurrency analyst and investor Carl Runefelt has shared a technical analysis of X, suggesting that XRP may be on the verge of a major breakout. Runefelt said that if XRP manages to break through key resistance levels in the current price range, the asset could retest local highs of $1.60 in the coming days, setting the stage for another rally.
The overall market awakening has injected optimism into the cryptocurrency space, XRP is poised to benefit from this momentum. However, maintaining strength above the current demand area is crucial for XRP to maintain its bullish trajectory. Investors are closely watching for confirmation of a breakout, as XRP’s ability to regain recent highs could signal the beginning of a larger uptrend in the coming weeks.
XRP looks ready to move on
XRP appears poised for another bullish turn, with technical indicators and market sentiment concurring that its upward momentum will continue. It’s one of the assets this cycle that has the potential to hit new yearly highs as the broader cryptocurrency market shows signs of awakening. Analysts and investors are increasingly optimistic, with many viewing the $2 mark as the first major milestone for XRP bulls.
Cryptocurrency analyst Carl Runefelt recently shared a detailed technical analysis of Xhighlighting a key development in XRP price action. According to Runefelt, XRP is approaching the breakout point of a falling wedge pattern, which is a historically bullish structure.
If this breakout materializes, XRP may initially target recent local highs at $1.60. A breakout of this supply zone would signal strong buying momentum, paving the way for XRP to target new cycle highs and potentially break out of $2 resistance.
However, XRP’s journey to new highs is not without risks. If the asset fails to break above the $1.60 level, it may consolidate further below the price, delaying its bullish trajectory. In this case, XRP may retest key demand areas before attempting another breakout.
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As the market collectively moves toward higher valuations, XRP’s performance remains closely tied to its ability to break through key resistance levels. A successful move above $1.60 would not only validate the current bullish pattern, but also bolster confidence in XRP’s potential to lead an altcoin rally this cycle.
Technical Analysis and Key Levels
XRP is currently trading at $1.43, showing remarkable resilience after surging 200% from its November 5 lows. Although the price has retreated 20% from its local high of $1.63, XRP’s bullish structure remains intact as the broader crypto market braces for another potential rally. Analysts and investors are optimistic that prices can maintain their momentum as long as key support levels remain strong.
The $1.27 mark emerged as a key demand area for XRP, maintaining the short-term bullish structure that has driven its recent growth. If XRP manages to hold this level, the price is expected to consolidate before making another attempt to break above the $1.60 resistance. A break above this key level could open the door to further gains, pushing XRP closer to the next major milestone in this cycle.
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However, failure to hold above $1.27 could alter market sentiment and lead to a deeper correction. This will challenge XRP’s bullish momentum and could test lower support, delaying its upward trajectory.
With the market looking ready for an extension, XRP’s ability to remain above key demand areas will determine its performance in the coming weeks. Investors are keeping a close eye on these levels as the asset moves higher.
Featured image from Dall-E, chart from TradingView
