Ripple’s native token, XRP, has seen a modest increase following the global crypto uptick, with its price showing resilience against previous highs. In just 24 hours alone, the asset recorded a 1.65% gain, pushing its price to the $0.5385 mark.
This increase has also cemented XRP’s position as the 7th largest cryptocurrency, with its market capitalization rising to $30.336 billion. This price appreciation has been a major focus for traders and analysts, especially as the XRP price is currently in a vital trading range.
Recent chart analyses suggest that a breakout may be on the horizon, with critical resistance levels coming into focus.
XRP’s Trading Range and Resistance Levels
Recent analysis indicates that XRP has been trading in a relatively narrow range since March 2024. A chart shared by EGRAG Crypto highlights that XRP has been in an accumulation phase, with its price fluctuating within a specific range of around $0.5324.
This sideways trading pattern has persisted for over 540 days, forming crucial resistance levels. One of the key resistance points identified is at $0.6360. Should XRP manage to break through this level, it could signal the beginning of a more significant upward movement.
Thank You @MoonLamboio for sharing #XRP Chart “#XRP 540 Days Ranging since 13th of March 2023”https://t.co/ZVc0Lbto6l https://t.co/mrVqlioYnl
— EGRAG CRYPTO (@egragcrypto) September 8, 2024
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The analysis further reveals that since the start of 2024, XRP has been caught in repeated cycles of accumulation and resistance. This pattern implies that the cryptocurrency is preparing for a potential breakout. Another critical resistance level to watch is $0.7399, which, if surpassed, could pave the way for XRP to reach new price heights, supporting the more optimistic outlook for XRP’s price trajectory.
XRP to $40: Analyst Weigh In
In a separate analysis, STEPH IS CRYPTO has explored the possibility of XRP reaching as high as $40. This projection is based on the premise that XRP’s price could break out of its current consolidation pattern, which has been in place for several months.
The analyst points to historical data from the 2017 bull run, suggesting that a similar scenario could unfold if XRP successfully surpasses the $0.70 mark. According to the analysis, once XRP crosses this threshold, the potential for a substantial bull run increases.
#XRP TO $40!!! YOU ARE SLEEPING ON $XRP!!! pic.twitter.com/3EqMDaSy25
— STEPH IS CRYPTO (@Steph_iscrypto) September 9, 2024
This could push the price towards the $40 mark, similar to the price increase witnessed during the 2017 market rally. Moreover, expectations of Federal Reserve rate cuts can also boost prices, as such shifts in monetary policy have been beneficial to risk-on assets such as cryptocurrencies.
Market participants are focusing on liquidity levels near the $0.70 resistance point. This is evident by the pile-up of short liquidity around $0.665, which could also be useful in encouraging a breakout at some point.
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Despite the difference in the probability of this scenario, most experts have noted that XRP is likely to experience large price fluctuations in the coming weeks, making it a cryptocurrency of interest.
Also Read: DOGE Teases the Possibility of $0.15
