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XRP is making waves in the cryptocurrency market, trading at $0.82 after hitting new yearly highs following an impressive 65% surge in just a few days. The rally captured the attention of investors and analysts, with senior analyst Karl Roenfeldt sharing his insights into XRP’s bullish breakout.
According to Runefelt, XRP has finally broken through a multi-year resistance level, signaling the potential for a massive rally to higher prices in the coming weeks.
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Adding to the optimism, recent positive developments in the broader cryptocurrency space have boosted market sentiment. Reports indicate that SEC Chairman Gary Gensler may step down from his position, a move that would reduce regulatory pressure on the cryptocurrency industry. President-elect Donald Trump’s pro-crypto stance and policies are also sparking renewed interest and confidence among crypto enthusiasts.
These factors have created an environment in which XRP appears poised for significant gains. While investors are watching closely, the focus remains on whether XRP can maintain this momentum and continue rising. With key resistance levels clear and positive news driving sentiment, XRP is positioning itself as one of the most promising assets in the cryptocurrency space right now.
XRP begins a bullish phase
XRP has entered a promising new bullish phase after years of lackluster performance and protracted legal battles with the US Securities and Exchange Commission. This rebound is sparking optimism among investors and analysts alike, with chief cryptocurrency analyst Karl Roenfeldt sharing compelling technical analysis on X.
Runefelt highlighted XRP’s breakout from a multi-year resistance levelWhich indicates a major shift in its price trajectory. In his analysis, Runefelt cautiously forecasts that XRP will reach $2 during this bull cycle, a modest target compared to analysts who expect price levels to rise above $20.
The breakout marks a turning point for XRP, which has faced years of sideways price movement and persistent selling pressure. Legal setbacks, regulatory uncertainty and market uncertainties have kept assets performing poorly compared to peers. However, with positive developments in the broader cryptocurrency market and the continued adoption of blockchain solutions, XRP is regaining its footing.
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Many believe the coming months could be transformative for XRP, with the potential to finally rise above the previous all-time high of $3.84 set in January 2018. With growing bullish momentum and strengthening investor confidence, XRP is positioned to Be one of the most prominent performing currencies. In this market cycle.
Bullish Price Action: Key Supply Levels to Watch
XRP is trading at $0.82 after a massive breakout that cleared multiple resistance levels, indicating renewed bullish momentum. This rally has reignited optimism among investors as XRP has shown strength after a long period of underperformance.
The next crucial supply level to test for XRP is at $0.92, a price point that has not been revisited since 2021. A successful breakout above $0.92, followed by consolidation and building support at this level, could open the door to a significant upward move.
If XRP maintains its bullish momentum and identifies $0.92 as a support area, demand could rise significantly, pushing the price towards the $1.4 level. This would represent an important milestone, consistent with broader market optimism and bolstering investor confidence in XRP’s long-term potential.
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However, the possibility of a failed break above $0.92 cannot be ignored. If the price struggles to maintain this level, XRP may enter a consolidation phase, remaining range-bound until new catalysts emerge. Such a scenario would likely delay the next major move but could provide opportunities for accumulation.
As the price continues to rise, traders and investors are watching these key levels closely, knowing that the outcome could determine the next chapter of XRP price action in this bull cycle.
Featured image by Dall-E, chart from TradingView