XRP is finally gaining strength after days of struggling below the $0.60 supply level. This new momentum is rekindling optimism among investors and analysts who have been waiting for the altcoin to break out of its long-term consolidation phase.
XRP is starting to show signs of strength, and market participants are watching closely to see if the price can maintain this upward trend and challenge the high supply levels in the coming weeks.
Renowned crypto analyst Carl Runefelt recently shared an optimistic forecast for the altcoin, reflecting the broader market’s expectations for an important price appreciation rally. According to Runefelt, XRP’s recent breakout could be the start of a much bigger move that could lead the altcoin to return to key resistance levels last seen earlier this year. With renewed optimism building, many are speculating whether this growth will allow the price to match the broader gains of the crypto market.
As the price hovers around key levels, all eyes are on XRP to see if it can sustain its upward momentum and break through the hurdles ahead. A successful breakout could set the stage for a strong rally, indicating a potential trend reversal and a new phase of digital asset growth.
XRP Ready To Reach $0.90
XRP is currently trading at a critical supply level that must be breached for the altcoin to reach higher prices and keep up with the broader market’s gains.
As positive sentiment spreads throughout the crypto market, traders and investors are eagerly looking for promising opportunities, and XRP’s price action has caught their attention. A strong breakout from this level could signal the start of a new rally, pushing XRP to new highs and strong interest in the commodity.
Prominent analyst Carl Runefelt recently shared a technical analysis on X, focusing on the current state of XRP. According to Runefelt, XRP is trading within a daily triangle pattern—a key indicator of potential volatility and directional movement.
He points out that if this pattern reverses to the upside, it could send the price to the highest supply levels around $0.90, which represents a massive 50% upside from current levels. This would be an important step for XRP, which is in line with the optimism that many in the crypto community are hoping for.
However, for this scenario to play out, XRP must first break through its current resistance levels and confirm a new rally. The current consolidation phase can act as a launching pad for a strong rally or a signal of continued indecision. A successful exit may attract more investors, leading to increased trading volumes and higher prices.
Price Action: Holding Above $0.60
XRP is currently trading at $0.61 after a modest 6% surge over the past day. The price is holding firmly above the 200 daily moving average (MA) at $0.54, indicating long-term strength. However, despite the recent rise, the price is still struggling to break the key supply level around $0.65. This resistance has been a significant hurdle for the stock, and until it is satisfactorily overcome, 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 to the next target at $0.75. Accomplishing this could attract more buying interest and drive further development, targeting XRP and broader positive sentiment in the crypto market.
On the other hand, if the price fails to close above the $0.65 level, it can lead to a long side trading period. This can frustrate investors hoping for an outflow and can lead to lower trading prices. In this scenario, the price may remain range-bound, hovering between $0.54 and $0.65 until a clear catalyst appears to push it higher or trigger a deeper correction.
Featured image from Dall-E, chart from TradingView