Ripple’s XRP has gained market focus as its price has surged parabolically. This comes amid criticism of the SEC actions by 18 US states. XRP price rose from $0.70 to $1.14 in a matter of days. It breached certain resistance levels that have propelled the overall crypto space into bullish territory.
Some believe that this rally has the potential to be the start of even larger gains, and many have their sights set on the $3 to $5 range in the current supercycle. The rally occurs amidst increasing confidence in Ripple’s status within the crypto market, as regulatory clarity appears closer than ever.
Ripple’s CEO has noted that before the suspension of the involvement of the SEC in crypto, XRP was the second-largest token in the market, which proves its relevance. This has also been attributed to other factors, such as better market sentiment. Anticipation of better conditions for cryptocurrencies following SEC Chair Gary Gensler’s possible exit could aid momentum.
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XRP/USDT Chart Analysis: Consolidation After a Breakout
Looking at the XRP/USDT daily chart below, the token is now trading at $1.1021. It saw this price after a slight correction of 1.04% upward movement. The recent movement has pushed XRP close to the upper Bollinger Bands at $1.14. It means that it might be overbought for the short term.
The Relative Strength Index (RSI) at the moment is at 83.31. It is way past the overbought level, indicating a possible corrective phase as traders close out their positions and the bulls gear up for the next leg up.
However, even with the correction, the price is still in bullish territory for XRP. The $1.14 mark is now an immediate resistance level. A move above that will likely lead to $1.25 and possibly up to $1.50.
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On the downside, key support levels include the $1.00 psychological mark, where buyers are likely to defend aggressively. As well, the $0.85–$0.90 range, which aligns with prior consolidation zones during XRP’s ascent.
Analysts Eye Ambitious Price Targets for XRP Price
Many market analysts have given ambitious forecasts regarding the future of the XRP token, with some of them expecting it to reach record highs and even go further.
According to trader XMaximist, the token is on track to hit $3–$5 during the current supercycle, with bullish momentum driving the move.
XMaximist noted selling 50% of his holdings to cut losses while allowing the rest to float since he believes in the future potential of XRP.
Ripplelordz, another analyst, believes the upcoming bull run will differ from XRP’s utility-driven growth phase. The analyst predicts XRP could reach $6–$10 with a potential surge to $15–$20 if an XRP ETF is launched.
Ripplelordz also predicts that a utility-driven phase, marked by mass global adoption, could drive XRP prices to unprecedented levels, starting at $100 and potentially scaling to $1,000 or even $10,000.
Other analysts have relied on technical indicators and chart patterns that suggest past occurrences to support their bullish outlooks. Observers claim that its Elliott Wave pattern suggests potential targets of $1.33 and $1.88, with the $1.88 level opening the way to $3.84, XRP’s highs.
Historical precedents suggest that once these levels are breached, XRP could rally to targets ranging from $8 to $30, as seen in past market cycles.
Disclaimer
The information provided in this article is only for educational and informational purposes and should not be considered financial or investment advice. We are not licensed financial advisors. Always conduct your research and seek guidance from a certified financial professional before making any investment decisions.
