Ripple’s XRP is currently on a strong upward trend in the midst of the current bull run, outperforming many other cryptocurrencies. The altcoin has surged above the crucial $1.50 level and has seen a more than six percent increase in the last 24 hours. Over the past week, XRP has gained an impressive 20 percent and is now setting its sights on breaking through the $1.60 level. Meanwhile, Bitcoin, the leading cryptocurrency, is trading above $97,000 but has dipped into negative territory.
XRP has a history of maintaining a steady upward trajectory during bull markets, and the current situation is no different. The altcoin is currently facing resistance between the $1.60 and $1.70 levels. If XRP manages to break through the $1.70 barrier, it could potentially reach $2 in the near future. Keep an eye out for a breakout above $1.70 to confirm this bullish scenario.
According to analyst Josh of Crypto World, XRP has strong support levels around $1.25 to $1.30 in case of a pullback. These levels have proven to be reliable support zones in recent times, suggesting that any price drop is likely to be met with buying interest at these levels.
In terms of short-term outlook, XRP has successfully broken out from a triangle pattern and is now aiming for a target price of $1.77. While there may be some resistance around the $1.70 mark, once this level is breached, XRP is expected to continue its upward trajectory.
The recent breakout above the $1.50-$1.51 range is a significant development, indicating a shift in momentum for XRP. The price surge following the breakout suggests that these previous resistance levels have now turned into new support levels. Look for support around $1.62 to $1.63, with additional support at $1.56 or $1.50 if the price retraces.
Overall, XRP’s strong performance in the current bull run highlights its potential for further gains in the near future. As the altcoin continues to showcase bullish momentum, investors should monitor key support and resistance levels to gauge the direction of its price movement.