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Ripple’s XRP has crossed the hurdle at $1.50 and is trading close to the $1.60 levels at the time of writing. The price has recently broken out above key resistance levels and continues its upward movement. The altcoin is up by more than seven percent in the last 24 hours and is now eyeing $2. Looking at XRP on the weekly chart, the overall trend remains very bullish.
In the past few days, XRP managed to break the critical 78.6% Fibonacci level at approximately $1.30, and has since retested this level, turning it into support. According to analyst Josh of Crypto World, as long as the price holds above this support, there is potential for further bullish momentum. The next major resistance zone is around $1.60 to $1.70, based on previous highs. If XRP can break above this resistance, we could see the price move toward $2.
Short-Term Price Action
XRP recently broke out from a symmetrical triangle pattern, hinting at a big bullish move. However, after the breakout, the price came back down to retest the previous resistance, which is now acting as new support. The immediate resistance to watch is around $1.50 to $1.51. If XRP can break above this level with confirmed price action, it could move towards the previous high at $1.59 to $1.63. On the other hand, if XRP fails to hold the current support around $1.42 to $1.43, the next support level to watch is $1.36 to $1.37.
Support And Resistance Levels:
The ideal scenario would be a strong price move toward the $1.77 target, but the market has shown a lack of follow-through in recent price action. The immediate support lies at $1.42 to $1.43, which is the previous resistance now turned support.
A breakout above $1.50 to $1.51 would push the price higher towards the $1.59 to $1.63 range, with the next target around $1.70. However, if XRP breaks below $1.36, the bullish pattern would be invalidated, and the next support could be found at $1.28 to $1.30.