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Cryptocurrency News Articles
Top Ripple Analyst Predicts XRP Price Surge as Support Holds – Is $0.65 Next?
Oct 10, 2024 at 04:30 am
Ripple's XRP recent upswing may result in a price spike if its support at $0.52 holds, according to top analyst Crypto Yapper, who has 16.6k followers on X
A top cryptocurrency analyst is predicting a potential price surge for XRP, revealing that the token’s recent upswing might lead to a price spike if its crucial support at $0.52 holds up.
Currently, XRP is trading around $0.532, with the market observing whether this level of support will propel the token into the next resistance zone, which lies between $0.60 and $0.65.
Analyzing the XRP chart, we can observe a rising trendline that has been forming since June 2024, indicating higher lows in the token’s price movement. This trendline currently intersects with $0.52, which is crucial for maintaining the bullish momentum.
If this trendline holds, XRP’s price could be set for another attempt at breaking above the $0.60–$0.65 resistance range.
According to CryptoYapper, XRP’s price has been forming higher lows and equal highs, suggesting a period of consolidation and an impending upward breakout. Notably, he emphasizes that XRP’s current support needs to hold in order to maintain its bullish trajectory. Failure to do so might indicate a shift in market sentiment.
Also Read: XRP Price Could Hit $10,000: Ripple Analyst Explains Why
Resistance and XRP Price Consolidation
Chart analysis also reveals that XRP’s price has faced multiple tests at the resistance zone between $0.60 and $0.65, with each attempt being met with a rejection. This zone represents a critical area of supply, where selling pressure tends to increase.
However, equal highs suggest that XRP’s price movement is on the cusp of completing an ascending triangle pattern, which typically leads to a breakout in the direction of the prior trend.
If XRP’s price manages to sustain the $0.52 support level, we could see another attempt at testing this resistance zone and potentially breaking to the upside. A successful breakout could signal the beginning of a larger upward move.
Overall, XRP’s price action right now is demonstrating a careful balancing act between levels of support and resistance. If traders can determine if the token’s current level of consolidation, which is $0.52, will hold up, then we could be seeing a positive breakout.
The higher lows and the potential ascending triangle formation bode well for further gains should XRP’s price overcome the $0.60–$0.65 resistance zone. XRP’s capacity to maintain support will ultimately dictate its future price trajectory.
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