Key Points
- XRP price has surged over 20% in recent hours.
- It has broken above a key resistance level and formed a bullish pattern.
- Analysts predict a potential rise towards $1 or even higher.
The Ripple (XRP) price has been on a steady upward trend since the market downturn in March 2020. Despite a significant correction, it has maintained a support line that has acted as a buffer against further declines.
Bullish Momentum
XRP’s recent surge has pushed it beyond its previous resistance level, marking a significant breakout. The price has also formed a double-bottom pattern within a symmetrical triangle, indicating a potential for a major upswing.
Analyst Predictions
Analysts believe XRP could reach levels above $0.8 in the near term. The bullish momentum is supported by the weekly RSI, which indicates a strong upward trend.
Potential Targets
If the bullish trend continues, XRP could potentially rise towards its 2021 high of $1.98. However, it may experience some consolidation before breaking above $0.85.
Long-Term Outlook
The current rally suggests that XRP is regaining its footing in the crypto market. If the bull market strengthens, it could potentially reach its previous all-time high.
Disclaimer
This article provides general information and should not be construed as investment advice. Investors should conduct their own research before making any financial decisions.
