XRP has regained popularity after hitting 91 cents, sparking renewed interest from investors. We analyze current trends and what's next for XRP.
XRP's Strong Weekly Performance
According to CoinMarketCap, XRP surged 71% in the past week, standing out among top-performing assets. While meme coins like Dogecoin, Pepe, and Floki lead in short-term gains, XRP's impressive rise is attracting attention as a potential breakout asset. This strong momentum comes as Ripple's USD stablecoin listings gain traction, further fueling optimism about XRP's future.
A Long-Awaited Breakout?
On The Paul Barron Network, Tim Warren, host of Investing Broz, mentioned that many have written off XRP as a 'boring' or stagnant coin, but the recent price movement suggests XRP could be entering a new bullish phase. After a period of low volatility and consolidation, XRP appears to have broken through its long-standing resistance level for the first time in over four years. This breakout is seen as a potential shift from a bearish to a bullish trend, with some analysts projecting significant price increases in the coming months.
What's Next for XRP?
Looking at the charts, XRP is now eyeing key resistance levels. Should the price break above 95 cents (a level tested in mid-2023), it could signal further upside potential. The analyst forecasts a price target of $6 for XRP in the next bull market based on current chart patterns. In the short term, XRP holds strong support at around 70 cents, which could act as a cushion in case of a pullback. If XRP continues to climb, it may reach $1, with some forecasts indicating it could go as high as $1.08 to $1.12 before encountering stronger resistance.
Although XRP's growth prospects are promising, analysts caution about potential corrections. It's common for assets to experience pullbacks after significant moves, and XRP is no exception. Should the price reach $1, a dip to around 70–71 cents could occur, but this would be viewed as a healthy retracement within the context of a longer-term uptrend.
