XRP Nears Key Resistance Levels With Potential For Major Price Breakout
- XRP approaches key resistance at $0.85 and $1.10, and a breakout past these levels could signal a major upward trend.
- Critical support for XRP lies at $0.48, $0.38, and $0.28, with a drop below these points likely leading to further declines.
- Long-term targets of $7.5, $13, and $27 are possible for token if it breaks out of its current consolidation, based on Fibonacci levels.
XRP is in the process of reaching the important value levels which could define further movements of this cryptocurrency. On Thursday, in an X post, Egrag shared some important levels of resistance and support for XRP and described how these levels could affect the further development of the coin.
Egrag has pointed out that the support levels of XRP are at $0.48, $0.38, and $0.28 which are very important should the price begin to decline. These levels can be broken down and any price movements below these could lead to further drops, but for now the question remains how XRP will react to its resistance levels.
Long-Term XRP Targets
The long term forecast indicates that XRP may grow significantly higher, with possible targets at $7.5, $13 and $27, using the Fibonacci retracement levels. These targets suggest a big potential for growth if cryptocurrency could get out of the current consolidation channel.
The analysis also focuses on the Channel B which has been a price range that has been a hurdle for Ripple coin on the monthly chart since 2017. However, this has not happened, and even though there was a strong rally in July 2023, coin has not been able to achieve a full monthly close within this range. If the price could close the month above Channel B then the price could soar much higher.
Resistance Levels for XRP
The critical level of Channel B is found at $0.85 and the upper resistance is noted at $1.10. A reversal at these points may be a precursor to the beginning of a new upward trend for the cryptocurrency. At the time of writing, Ripple coin is trading at $0.5519 with 1.25% up in the 24 hours period.
Source: TradingView
Apart from these factors, Egrag expects Ripples stablecoin known as RLUSD to become a significant factor in the movements of the XRP market. This would enhance the market structure of coin in the same way as USDT supports the market of Bitcoin.
Rising pressure in the market is coming closer to a crucial point as the XRP continues to trade. Investors and traders keenly watch the situation in order to determine if the cryptocurrency will gain a breakthrough from the resistance levels or drop to the lower support level. The next few weeks are likely to be crucial for the further development of token, and a strong price change may be expected.
Read more: https://www.tronweekly.com/xrp-nears-key-resistance-levels-with-potential/
Text source: TronWeekly
