XRP Surges 65% After Breaking Multi-Year Resistance Level
XRP is currently trading at $0.82 after a 65% surge, achieving new yearly highs and attracting investor attention. Analyst Carl Runefelt indicates that XRP has surpassed a multi-year resistance level, suggesting potential for further price increases.
Recent developments, including speculation about SEC Chair Gary Gensler stepping down and President Donald Trump's pro-crypto stance, have improved market sentiment. These factors contribute to an environment where XRP may experience significant gains. Investors are focused on whether XRP can maintain this momentum and continue upward movement.
XRP Entering a Bullish Phase
After years of underperformance and legal challenges with the SEC, XRP has entered a bullish phase. Runefelt's technical analysis points to a breakout from a long-standing resistance level, indicating a potential shift in price trajectory. He cautiously estimates XRP could reach $2 during this cycle, while other analysts predict prices exceeding $20.
This breakout represents a pivotal moment for XRP, which has experienced stagnant price action due to legal issues and market skepticism. Favorable conditions in the crypto market and increased blockchain adoption are aiding XRP's recovery, with many investors optimistic about surpassing its all-time high of $3.84 from January 2018.
Bullish Price Action: Key Supply Levels to Watch
Following a breakout clearing multiple resistance levels, XRP trades at $0.82, signaling renewed bullish momentum. The next crucial supply level to monitor is $0.92, a price point not seen since 2021. A successful breakout and consolidation above this level could facilitate significant upward movement.
If XRP establishes $0.92 as support, demand could increase, driving the price towards $1.4, which would align with broader market optimism. However, if XRP fails to hold above $0.92, it might enter a consolidation phase until new catalysts arise, potentially delaying significant movement but providing accumulation opportunities.
Traders and investors are closely monitoring these key levels, recognizing their importance in determining XRP's future price action within this bullish cycle.
Featured image from Dall-E, chart from TradingView