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XRP has emerged as a prominent leader in the recent cryptocurrency rally, posting massive gains and sparking optimism among investors. The price has risen by a staggering 225% in less than three weeks, and is showing no signs of slowing down as momentum builds. This rise has contributed to its status as a high-performing altcoin, capturing the attention of analysts and traders alike.
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CrediBull, a senior analyst at X, shared a detailed technical analysis highlighting the strong bullish structure of XRP. According to his view, XRP is currently in a well-defined 5-wave impulsive move, a pattern often associated with ongoing uptrends. If it continues to hold a critical support level, CrediBull predicts that the price could rise to more than $2 in the coming weeks, marking an important milestone for the altcoin.
As excitement builds, market participants are closely monitoring its performance. The continued rally suggests that XRP could reach new highs and pave the way for broader gains in altcoins. Its ability to maintain its upward trajectory will depend on its ability to maintain key support levels and benefit from the current bullish sentiment. For now, XRP remains a focal point in the market, with its next moves eagerly anticipated.
The upward rally may continue
XRP’s recent bull run may be just the beginning with continued optimism among analysts who expect the price to rise in the coming months. However, key price levels need to be tested and maintained so that XRP can maintain its momentum and advance to the next stage higher.
Leading analyst CrediBull shared his thoughts on XWhich reveals that XRP is currently in a clear 5-wave impulsive move, which is a strong indicator of an uptrend. According to his technical analysis, this pattern confirms that the absolute bottom for XRP was set at $0.49 earlier this year. He also stressed the importance of the $1.05 level, which is the origin of the fifth sub-wave in this impulsive structure.
CrediBull explained that if the XRP price drops below $1.05, it could signal the start of a larger wave 2 correction, which will likely precede the next major bullish impulse (wave 3). However, if XRP settles solidly above $1.05, this indicates that the fifth sub-wave is expanding, which could push the price to $2 or higher before any significant pullback occurs.
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This analysis reinforces the view that XRP’s current rally may be just the beginning of a broader uptrend. Investors are now watching closely to see if XRP can hold key support levels and confirm its extended move higher.
XRP hits multi-year highs: next ATH?
XRP is trading at $1.45, after an impressive rally that saw the price reach $1.63 yesterday, its highest level since May 2021. The milestone has sparked optimism among investors, putting XRP in a potential position to surge to all-time highs in The coming months. . The continued upward momentum reflects growing confidence in the upward trajectory of the price.
However, the recent rise also brings the possibility of consolidation. The price may need to calm down and gather strength below the $1.63 level before continuing its upward movement. Consolidation phases are a normal part of any major rally and can help create stronger support levels for future price action.
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The key level to watch remains $1.05, which has been identified as a critical support area. If the price continues above this mark, it will strengthen its bullish outlook and pave the way for a possible breakout and continuation of its uptrend in the coming weeks. Analysts believe that maintaining this level would be a strong signal of market confidence, paving the way for XRP to build on its recent gains and target new milestones.
Featured image by Dall-E, chart from TradingView
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