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XRP has seen an impressive price surge over the past 1–2 weeks. One of the key drivers of this rally is the news surrounding Gary Gensler’s potential departure from the SEC, especially as some believe his exit could positively impact XRP’s ongoing legal battle. The change in SEC leadership could bring more favorable conditions for XRP moving forward.
According to analyst Josh of Crypto World, the cryptocurrency is currently testing two important resistance levels. The first is around $1.11, based on previous candle wick highs, while the second is at $1.26, drawn from previous candle closes. Recently, XRP rejected at the $1.26 level, which is now acting as a strong resistance.
If XRP can break above $1.26, the next potential target is around $1.59, based on past candle closes. The higher wick resistance sits at approximately $1.95, which could be a critical level to watch if the price continues to rise.
XRP’s Path To $2
In terms of resistance levels on the weekly chart, the 78.6% Fibonacci retracement level, which sits around $1.29–$1.30, aligns closely with the $1.26 level. This region is likely to present major resistance, and XRP may struggle to break through in the short term.
If XRP manages to break above $1.30, the next target could be the previous highs at $1.73, or even as high as $1.95. However, the RSI on the weekly chart is entering overbought territory for the first time since July 2023, which historically has led to a pullback. While a major crash is unlikely due to the overall bullish market conditions, a slight correction before another breakout is possible.
Conclusion
XRP is known for making sharp moves during its bull markets, often moving in near-vertical price action. As such, any pullbacks should be looked at with a warning, as these can sometimes be short-lived, especially when strong upward momentum is in play.