Ripple’s XRP is up by more than six percent in the last 24 hours and is trading slightly below the $1.50 level. The altcoin is up by more than 36 percent in the last seven days and is now eyeing the $2 levels. Here’s a price analysis by analyst Josh of Crypto World:
On XRP’s weekly timeframe, the analyst said that the market is clearly in a bullish trend. The cryptocurrency has recently broken above key levels of resistance, hinting a shift towards upward momentum. A key support level has been established after a recent retest of a previous Fibonacci resistance level, which is now acting as new support. This level sits at approximately $1.30, with support generally found in the range between $1.25 to $1.30.
If XRP experiences a rejection around $1.50, short-term support can be found at around $1.42 to $1.43. Further support lies between $1.36 to $1.37, with a major support zone between $1.28 and $1.30, marked by the golden pocket area.
Resistance Levels To Monitor
As for resistance levels on the larger time frame, XRP is facing strong resistance between $1.60 and $1.70, based on previous highs. One immediate resistance is at the Fibonacci level between $1.50 and $1.51. If XRP manages to break through this level, the next resistance zone is expected between $1.60 and $1.70. A successful breakout above this zone could push XRP towards the next major price target, which lies around $2.
Analyst Issues Warning:
However, the analyst said that it’s important to understand that this breakout comes with a slight increase in risk. The reason for this is that the support line forming below the breakout has only two touchpoints, which is not enough to make it a highly reliable support level. This introduces a bit more uncertainty for traders. Nevertheless, with the breakout confirmed, the technical price target for this move is around $1.77, representing a potential 20% upside from the current price level.
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