Ripple’s XRP is currently experiencing a strong upward movement in the ongoing bull run, continuing its positive trend. The altcoin is currently trading above the critical $1.50 level, showing a growth of over six percent in the last 24 hours. Over the past week, XRP has gained 20 percent, with its sights set on breaking the $1.60 level. Meanwhile, Bitcoin, the leading cryptocurrency, is trading above $97k but has dipped into negative territory.
XRP’s Bull Run Continues:
XRP has a tendency to exhibit a steady upward trajectory during bull markets, as seen in its current performance. The altcoin is currently facing resistance between the $1.60 and $1.70 levels. A breakthrough above $1.70 could pave the way for XRP to reach $2 in the near future. Traders are advised to monitor the price action closely for a potential breakout above $1.70.
Support Levels:
According to analyst Josh of Crypto World, XRP has strong support in the $1.25 to $1.30 range. This support level has proven to be significant in recent times, suggesting that any price retracement is likely to find support in this zone.
Short-Term Outlook: Breakout and Resistance:
XRP has successfully broken out of a triangle pattern and is now heading towards its target price of $1.77. While short-term resistance may be encountered around $1.70, a clear break above this level is expected to propel XRP further upwards.
Previous Resistance Becomes Support:
The breakthrough above the $1.50-$1.51 resistance level signifies a notable shift in XRP’s price action. The former resistance levels are now expected to act as new support levels. Traders should keep an eye on potential support around $1.62 to $1.63, with further support levels at $1.56 or $1.50 in case of a price pullback.
In conclusion, XRP’s current bullish momentum suggests that the altcoin is poised for further gains in the near term. Traders should closely monitor key levels of resistance and support to gauge the potential direction of XRP’s price movement.