XRP Price Surges 225% as Analyst Sets $2 Target If Key Level Holds
XRP has gained significant attention in the recent crypto rally, achieving a price increase of 225% in under three weeks. This surge positions it as a leading altcoin, attracting interest from analysts and traders.
Analyst CrediBull has provided a technical analysis indicating that XRP is experiencing a 5-wave impulsive move, which typically signifies a sustained upward trend. He forecasts that if XRP maintains critical support levels, it could exceed $2 soon, marking a major milestone for the altcoin.
The ongoing excitement around XRP suggests potential for new highs, contingent on its ability to sustain key support levels amid bullish sentiment. Analysts remain focused on XRP's performance, eagerly anticipating its next movements.
The Bullish Rally Could Continue
The current bullish phase for XRP may be the beginning of further gains, with analysts predicting higher prices in the upcoming months. Critical price levels need to be tested and maintained for continued momentum.
CrediBull noted that XRP's absolute bottom was established at $0.49 earlier this year, emphasizing the importance of the $1.05 level as the origin of the fifth subwave in the impulsive structure. If XRP falls below $1.05, it could indicate the start of a larger Wave 2 correction, while holding above this mark would suggest an extension of the fifth subwave, potentially pushing prices to $2 or more before any pullback.
This analysis supports the view that XRP's rally may signal the onset of a broader bullish trend, with investors closely monitoring support levels for confirmation of upward movement.
XRP Hits Multi-Year Highs: ATH Next?
XRP is currently trading at $1.45 after reaching $1.63, its highest level since May 2021. This milestone has generated optimism among investors regarding potential all-time highs in the coming months, reflecting confidence in the bullish price trajectory.
The recent surge may prompt a consolidation phase, allowing the price to stabilize below $1.63 before further upward movement. Such phases are common during significant rallies and can help establish stronger support levels.
The key support level to monitor is $1.05. Maintaining this level would reinforce XRP's bullish outlook and set the stage for potential breakout and continuation of its upward trend in the coming weeks, signaling market confidence and paving the way for further gains.
Featured image from Dall-E, chart from TradingView