As of writing, XRP has surpassed the $1.50 mark and is trading close to $1.60. The altcoin has risen more than seven percent in the past 24 hours and is eyeing $2.
Current XRP Price Dynamics
In the past few days, XRP managed to break the crucial 78.6% Fibonacci level at approximately $1.30, turning it into support. According to analyst Josh of Crypto World, as long as the price holds above this support, further bullish momentum is possible. The next major resistance zone is around $1.60 to $1.70. If XRP breaks above this resistance, a move toward $2 is conceivable.
Short-Term Price Action
XRP recently broke out from a symmetrical triangle pattern, suggesting a significant bullish move. However, after the breakout, the price returned to retest the previous resistance, now acting as new support. The immediate resistance to watch is around $1.50 to $1.51. If XRP can break above this level with confirmed price action, it could move towards the previous high at $1.59 to $1.63. On the other hand, if XRP fails to hold the current support around $1.42 to $1.43, the next support level to watch is $1.36 to $1.37.
Support and Resistance Levels
An ideal scenario would be a strong price move toward the $1.77 target, but the market has shown a lack of follow-through in recent price action. The immediate support lies at $1.42 to $1.43. A breakout above $1.50 to $1.51 would push the price higher towards the $1.59 to $1.63 range, with the next target around $1.70. However, if XRP breaks below $1.36, the bullish pattern would be invalidated, and the next support could be found at $1.28 to $1.30.
XRP has shown positive momentum by surpassing key resistance levels. The market is watching for further developments that could define the price movement toward $2.
