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XRP is testing a crucial supply level after days of volatile 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 of $0.65. Restoring this level would signal the beginning of a new bull cycle and renewed optimism in the market.
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Analysts and investors are closely monitoring this price movement, hoping that XRP will surpass the $0.65 level in the coming days. As the broader cryptocurrency market pushes prices higher, there is a growing feeling that XRP will follow suit and continue its upward trend.
If momentum continues, surpassing this level could pave the way for a more significant rally, with new highs expected.
However, failure to breakout could lead to further consolidation or even a bounce. The next few days will be pivotal for XRP as it attempts to consolidate its upward trajectory.
XRP is testing crucial resistance
XRP is at a critical turning point as it approaches the crucial $0.65 mark, a level above which it has not closed consistently since March, barring a brief breakout. Investors and analysts are closely monitoring the price action, speculating on possible outcomes as the market remains uncertain. The inability to close above this resistance level kept XRP in a consolidation phase for several months, leaving traders worried about a clear trend.
Prominent cryptocurrency analyst Crypto Tony commented on the situation, Share detailed technical analysis on Xhighlighting the importance of this price level. According to Tony, a recovery of $0.65 would signal the bulls are back in control, paving the way for a potential rally.
In his analysis, Tony notes that if XRP breaks this resistance, it could push the price to a new target of $0.92 – a significant 40% upside from current levels.
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The $0.65 level holds significant psychological and technical significance, and a successful breakout would likely shift market sentiment in favor of a sustainable uptrend. However, until this level is restored decisively, uncertainty remains.
All eyes are on XRP to see if the bulls can push the price to new highs in the coming weeks.
Price Action: Key Levels to Watch
XRP is trading at $0.63 after months of price volatility marked by strong pumps and discouraging dumps. The $0.65 level has served as daily resistance since early 2023 and was previously a key demand level, providing support from April 2021 to May 2022. However, this level has flipped into a difficult resistance area for XRP.
If the bulls want to regain control and push higher, XRP must break above $0.65 and confirm that as support. A successful breakout would signal strength and possibly pave the way for a bigger rally.
However, failure to break this level would result in a correction towards the 200 daily moving average (MA) at $0.54, representing a 12% decline. This scenario could also lead to further sideways consolidation for XRP, extending the uncertain price action for the coming months.
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As the market rises, XRP’s next moves will determine whether it can maintain the upward momentum or consolidate. For now, $0.65 remains the key level to watch.
Featured image by Dall-E, chart from TradingView