XRP Targets $5 as Market Conditions Strengthen for a Rally
- XRP remains stable after a recent surge but faces a pullback from $2.57.
- Key gap zones between $1.712-$1.546, $1.00-$0.9268, and $0.772-$0.64 could influence price action.
- Bitcoins breakout could boost XRPs momentum, currently trading at $2.39.
- Liquidity zones present strategic buying opportunities for traders.
Ripple (XRP) is holding its ground strongly and aiming for the next leg up. Recently, the token experienced a huge surge in its value after the announcement of the Ripple case win against SEC, but XRP faces a pullback after hitting $2.57. Over the past week, XRP is slightly up by 1%, showing stability and signs for an upward trend. Despite this, the overall market is in a stable phase, and the next phase is unclear.
Moreover, Bitcoin is hovering around its crucial resistance, if BTC breakouts from current consolidation, it could help altcoins to gain momentum, including XRP. Currently, the token is trading at $2.39 and slightly down by 0.30% in the last 24 hours.
Major XRP Gap Zones Identified
Crypto expert Crypto Patel has highlighted three significant gap zones on XRPs daily chart, which could play a crucial role in the tokens next major price movement.
The first gap zone is between $1.712 and $1.546, marking a key area to watch for potential price action. The second gap spans from $1.00 to $0.9268, another critical range that may influence market dynamics. Lastly, the third gap extends from $0.772 to $0.64, representing a lower support region that could impact XRPs trajectory.
According to Patel, in the current highly bullish market environment, the first gap (GAP 1) stands a strong chance of being filled before the token attempts a rally toward the coveted $5+ range. However, from a purely technical perspective, if the token follows Fibonacci retracement patterns, it may need to revisit GAP 2 and GAP 3 levels before establishing a sustainable uptrend.
Liquidity Zones and Strategic Buying Opportunities
These identified gaps align with areas of high liquidity, making them attractive zones for strategic accumulation. Traders and long-term investors may find these levels ideal for setting buy orders, leveraging potential reversals and bounces that could emerge as the token navigates these price ranges.
As the market continues to evolve, all eyes remain on the tokens price action and Bitcoins next move, both of which could dictate the altcoins trajectory in the coming weeks.
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Read more: https://www.tronweekly.com/xrp-targets-5-as-market-conditions-strengthen-for-a-rally/
Text source: TronWeekly
