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In a positive turn for Ripple (XRP) holders, the cryptocurrency has broken above a crucial resistance level, sparking optimism for a potential price rally. XRP surged over 4% in the last 24 hours, currently trading at $0.603. This week, the token has gained nearly 5%, with a modest increase of 1.29% over the past month.
The recent price action suggests a potential upswing for XRP. The token’s breakout above the key resistance level is being closely monitored by traders and analysts, as it could signal the start of a more significant upward trend.
Analyst Points To Next Target, Potential For Further Gains
Prominent crypto analyst Bret Hill recently shared a bullish update on XRP’s price movement. According to Hill, the XRP/USDT trading pair experienced a major breakout from a consolidation phase, pushing the price to $0.6054. This surge indicates strong and sustained bullish momentum in the market.
Hill’s analysis identifies $0.6845 as the next major resistance level for XRP. With the current positive sentiment, this target could be a stepping stone towards even higher prices. Traders should keep a close eye on this level, as a breakout could lead to further gains.
Also Read: Donald Trump’s Early XRP Engagement – 60% Of Crypto Voters Favor Pro-Crypto Candidates in 2024
Support Levels Offer Stability
In case of any price corrections, Hill highlights $0.5588 as a strong support level. This support zone could offer stability and prevent significant declines, helping to maintain the uptrend. The significant rise in trading volume further reinforces the uptrend, signifying growing investor interest and confidence in XRP’s potential.
Hill’s analysis emphasizes the importance of watching the $0.6845 resistance level. If XRP manages to surpass this barrier, it could unlock significant upside potential for the token.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
