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Ripple’s XRP is showing strong movement in the current bull run, continuing its upward trend. XRP is currently trading above the crucial $1.50 level and is up by more than six percent in the last 24 hours. The altcoin has gained 20 percent in the past week and is now eyeing to break the $1.60 level. As for Bitcoin, the largest cryptocurrency is trading above the $97k level and has slipped into the red zone.
XRP Continues Bull Run
Although many cryptocurrencies move in waves, XRP tends to follow a straight upward trajectory, especially during bull markets. At the moment, XRP is facing some resistance between $1.60 and $1.70. If XRP breaks above $1.70, it could easily hit $2 soon. Watch for the breakout above $1.70 to confirm this possibility.
Support Levels
According to analyst Josh of Crypto World, in case of a pullback, XRP has solid support around $1.25 to $1.30. This range has acted as major support in recent times, so if the price drops, it is likely to bounce back from there.
Short-Term Outlook: Breakout and Resistance
XRP has successfully broken out from a triangle pattern. Although the breakout was slightly delayed, it is now heading towards the target price of $1.77. Short-term resistance may appear around $1.70, but once that level is cleared, XRP is expected to continue its upward movement.
Previous Resistance Becomes Support
The breakout above $1.50-$1.51 marks a significant shift. Once this resistance level was cleared, XRP’s price surged higher. Now, those previous resistance levels should act as new support. Watch for support around $1.62 to $1.63, and further support around $1.56 or $1.50 if the price pulls back.