XRP is finally gaining traction after days of struggling below the $0.60 supply level. This new momentum is reviving hope among investors and analysts who have been waiting for the altcoin to emerge from its long 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 higher supply levels in the coming weeks.
Prominent cryptocurrency analyst Karl Roenfeldt recently shared an upbeat outlook for the altcoin, reflecting the broader market’s expectations of a significant price rise. According to Runefelt, XRP’s recent breakout may mark the beginning of a more fundamental move that could lead to a revisit of key resistance levels last seen earlier this year. With renewed optimism, many are speculating whether this increase will finally allow the price to keep pace with the gains of the broader cryptocurrency market.
As the price hovers around crucial levels, all eyes are on XRP to see if it can maintain its upward momentum and clear the upcoming hurdles. A successful breakout could pave the way for a strong rally, indicating a potential trend reversal and a new phase of digital asset growth.
XRP is ready to reach $0.90
XRP is currently trading at a crucial supply level that must be broken for the altcoin to reach higher prices and keep up with the broader market’s gains.
With positive sentiment spreading across the cryptocurrency market, traders and investors are eagerly looking for promising opportunities, and XRP 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 possibly renewing interest in the asset.
Noted analyst Carl Roenfeldt recently Share technical analysis on Xfocusing on the current situation of XRP. According to Runefelt, XRP is trading within a daily triangle pattern, which is a leading indicator of potential volatility and directional movement.
He points out that if this pattern breaks to the upside, it could send the price moving towards higher supply levels around $0.90, which would represent a significant 50% increase from current levels. This will be an important step for XRP, and is in line with the optimistic outlook many in the cryptocurrency community are hoping for.
However, for this scenario to materialize, XRP must first break through the current resistance levels and confirm a new uptrend. The current consolidation phase could serve as a starting point for a strong rally or a signal of continued indecision. A successful breakout is likely to attract more investors, leading to increased trading volumes and further price appreciation.
Price action: stability above $0.60
XRP is currently trading at $0.61 after a modest 6% rise in the past day. The price remains solid above the 200 daily moving average at $0.54, indicating long-term strength. However, despite the recent rally, the price is still struggling to break the crucial supply level around $0.65. This resistance has been a major hurdle for the asset, and until it is convincingly cleared, the current rally may lose steam.
For the bulls to maintain momentum, the price needs to make a new high above $0.65 and push towards the next target at $0.75. Achieving this will likely attract more buying interest and further strengthen the upside, aligning XRP with broader positive sentiment in the cryptocurrency market.
On the other hand, if the price fails to close above the $0.65 level, it could result in a prolonged period of sideways trading. This will likely frustrate investors hoping for a breakout and may lead to lower trading volumes. In this scenario, the price could remain range-bound, oscillating between $0.54 and $0.65 until a clear catalyst emerges to either push it higher or trigger a deeper correction.
Featured image by Dall-E, chart from TradingView
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