XRP is nearing a critical point on the price chart that could determine its next big move. The cryptocurrency is trading close to the $0.63-$0.65 range, a key resistance level with most traders taking note of this zone as a critical barrier that needs to be breached. A breakout may be on the horizon, with many expecting significant price movement if XRP manages to surpass this range.
Since the beginning of the year, XRP has maintained a good stance in comparison with other leading cryptocurrencies all through the year. It has repeatedly traded above important support levels and ranked higher than 90% of coins to the market. This solid performance has boosted the trader’s sentiment that rallying XRP might be possible if the currency can overcome the present resistance level.
Key Resistance Levels
The price action has formed a symmetrical triangle pattern which is typical before other significant price movements. Traders are closely monitoring the $0.63-$0.65 range of which has been a key resistance point. Based on Dom, a crypto analyst, this is the first area to consider. If XRP manages to go beyond this area, it will have the potential to skyrocket and open up even more significant price levels.
Grayscale Relaunches XRP Trust, Eyes Potential U.S. Spot ETFThis level is important in the sense that has from time to time served as a point of reversal. Any break above this range could be regarded as a major signal that bulls are back in the market while a failure to break these levels could see XRP drop to find support at lower prices. The next few days will be decisive to establish whether the market will be able to build enough steam to take out this resistance level in XRP.
Potential for a Major Move
Also, XRP Captain has pointed out that in the next seven days, XRP can have a historic breakout. There is consolidation indicated by the symmetrical triangle pattern, and the price level is at the point of breakout thus meaning that a significant move is expected soon.
#XRPHolders 🚨🚨 #XRP Historic Breakout In 7 Days. 💥💥🚀🚀🚀 pic.twitter.com/bio8Suc8Hz
— XRP CAPTAIN (@UniverseTwenty) September 13, 2024
XRP is on the highlight of traders since the broader market is experiencing bullish sentiment. These levels suggest that a breakout past $0.65 may open it up for more gains but retreating back towards the support level should be expected.
