XRP is finally gaining traction after several days of struggling below the critical $0.60 supply level. This newfound momentum is igniting hope among investors and analysts who have long awaited the altcoin to break out of its extended consolidation phase.
The recent signs of strength in XRP have market participants closely observing whether the price can maintain this upward trend and challenge higher supply levels in the upcoming weeks.
XRP’s Bullish Outlook: Expert Predictions
Noted crypto analyst Carl Runefelt recently shared an optimistic forecast for XRP, reflecting the broader market’s expectations for a significant price rally. According to Runefelt, XRP’s recent breakout could signal the beginning of a substantial move, potentially revisiting key resistance levels that were last observed earlier this year.
Advertisement Banner
With renewed optimism building, many are speculating whether this surge will enable XRP to catch up with the broader crypto market’s gains. As the price hovers around crucial levels, all eyes are on XRP to see if it can sustain its upward momentum and overcome the barriers ahead. A successful breakout could pave the way for a strong rally, marking a potential trend reversal and a new phase of growth for the altcoin.
XRP Ready To Reach $0.90
Currently, XRP is trading at a critical supply level that must be breached for the altcoin to achieve higher prices and align with the broader market’s gains. As positive sentiment spreads across the crypto market, traders and investors are eagerly seeking promising opportunities, and XRP’s price action has captured their attention.
A robust breakout from this level could signify the start of a new rally, propelling XRP to new heights and potentially rekindling interest in the asset. Prominent analyst Carl Runefelt recently presented a technical analysis on X, focusing on XRP’s current situation. According to Runefelt, XRP is trading within a daily triangle pattern—a key indicator of potential volatility and directional movement.
Runefelt points out that if this pattern breaks to the upside, it could send the price soaring toward higher supply levels around $0.90, representing a substantial 50% increase from current levels. This would be a significant move for XRP, aligning with the optimistic outlook many in the crypto community hope for.
However, for this scenario to play out, XRP must first break through existing resistance levels and confirm a new uptrend. The current consolidation phase could either act as a launchpad for a strong rally or signal continued indecision. A successful breakout would likely attract more investors, leading to increased trading volumes and further price appreciation.
Price Action: Holding Above $0.60
XRP is currently trading at $0.61 after a modest 6% surge in the past day. The price is holding strong above the daily 200 moving average (MA) at $0.54, indicating long-term strength. However, despite the recent uptick, the price is still struggling to break through the crucial supply level around $0.65. This resistance has been a significant hurdle for the asset, and until it is convincingly surpassed, the current rally may lose steam.
For the bulls to maintain momentum, the price needs to post a new high above $0.65 and push toward the next target at $0.75. Achieving this would likely attract more buying interest and further fuel the uptrend, aligning XRP with the broader positive sentiment in the crypto market.
On the other hand, if the price fails to close above the $0.65 level, it could lead to a prolonged period of sideways trading. This would likely frustrate investors hoping for a breakout and could result in reduced trading volumes. In this scenario, the price could remain range-bound, oscillating between $0.54 and $0.65 until a clear catalyst emerges to either push it higher or trigger a deeper correction.
