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XRP is testing a key supply level after days of choppy price action, showing signs of strength as it prepares for a potential breakout. The price is up nearly 13% since Friday, putting it within striking distance of the key psychological level at $0.65. Retrieving this level would signal the start of a new bullish cycle and renewed market optimism.
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Analysts and investors are closely watching this price movement, hoping that XRP will break above $0.65 in the coming days. As the broader crypto market pushes prices higher, there is a growing perception that XRP will follow suit and continue its upward trend.
If the momentum continues, a break above this level could set the stage for a more significant rally, with expectations for new highs.
However, failure to drill can lead to further reinforcement or even reversal. The next few days will be crucial for XRP as it tries to strengthen its bullish trajectory.
XRP Tests Key Resistance
XRP is on the verge of a reversal as it nears the key $0.65 mark, a level it hasn’t closed consistently since March, barring a few breakouts. Investors and analysts closely monitor price action, speculating about possible outcomes as the market remains uncertain. The inability to close above this resistance level has kept XRP in a consolidation phase for months, leaving traders concerned about a clear direction.
The famous crypto analyst Crypto Tony weighed in on this situation, sharing a detailed technical analysis on X, highlighting the importance of this price level. According to Tony, a retracement of $0.65 would indicate that the bulls are back in control, setting the stage for a potential rally.
In his analysis, Tony suggests that if XRP breaks through this resistance, it could push the price to a new goal of $0.92—a significant increase of 40% from current levels.
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The $0.65 level holds great psychological and technical significance, and a successful breakout could turn the market trend in favor of further upside. However, until this level is completely restored, uncertainty remains.
All eyes are on XRP to see if the bulls can drive the price higher in the coming weeks.
Price Action: Key Levels to Watch
XRP is trading at $0.63 after months of volatile price action marked by aggressive pumps and disappointing dives. The $0.65 level has served as daily resistance since early 2023 and was previously an important demand level, providing support from April 2021 to May 2022. However, this level has shifted to a challenging resistance area for XRP.
If the bulls want to regain control and push higher, XRP should break above $0.65 and confirm it as support. A successful breakout will show momentum and may set the stage for a major rally.
However, failure to break this level will result in a correction to the 200 daily moving average (MA) at $0.54, representing a 12% decline. This situation could also result in a further consolidation of XRP, extending the uncertain price action in the coming months.
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As the market moves higher, XRP’s next move will determine whether it can continue the bullish momentum or consolidate. For now, the $0.65 mark is still an important level to watch.
Featured image from Dall-E, chart from TradingView