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XRP is trading just below the important $2 level, which served as a local high during the 2021 bull cycle. Prices have been steadily rising on the back of bullish momentum and appear poised to rise further. Investors and analysts are closely monitoring the charts for definitive signals that confirm a breakout of this important resistance level.
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This psychological price level is a focal point for market participants, and a successful breakout could mark the beginning of a sustained bull market. Top analyst and investor Dark Defender reflected on the outlook for XRP and shared detailed technical analysis on X. According to his insights, XRP is expected to reach $2.13 within the next few days, followed by a short-term correction. As XRP continues to attract bullish sentiment, Dark Defenders expects the price to rise further following this drop.
Confirmation of above $2 could pave the way for multi-year highs, while failure to break above this level could lead to short-term volatility. Considering its historical significance and current market trends, the $2 mark is both an opportunity and a challenge for XRP. All eyes are now on whether the token can recover this milestone and chart a path to greater heights.
XRP brings new demand
XRP has soared more than 50% this week, riding a new wave of demand that continues to push the price towards new supply levels. This bullish momentum has sparked significant interest among investors and analysts, with many speculating on the next move for the token.
Top analyst and investor Dark Defender shared detailed technical analysis on X and highlighted the evolving market structure of XRP on a 4-hour chart. According to his insights, XRP could reach $2.13 soon before facing a potential correction.
XRP tests critical resistance | Source: Dark Defenders of X
Dark Defender's analysis also identifies key resistance levels on the 4-hour chart. Notably, resistance at $4.11 and $6.42 coincides with his secondary target price of $5.85 following a retest of support at $1.88. These levels suggest a roadmap for XRP's price movement if the current rally maintains its momentum.
The coming weeks will be pivotal in determining its trajectory as XRP approaches these key price points. While bullish sentiment prevails, the possibility of a correction or consolidation remains. A decisive breakout of $2.13 could open the door to new highs, but failure to sustain key levels could lead to short-term volatility.
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For now, XRP's impressive performance and new demand has positioned it as one of the hottest assets in the crypto market.
Reaching the highest price in several years
XRP is currently trading at $1.88 after an impressive rally since November 5th, marking a staggering 285% gain in less than 30 days. The price recently touched an important level of $1.95, but has since gained momentum to break through the important $2 mark and enter a consolidation phase. This consolidation suggests that XRP is building the necessary fuel for a potential breakout.
XRP tests significant supply below $2 | Source: XRUSDT chart on TradingView
Price trends remain bullish, supported by strong market sentiment and increasing demand. Analysts are keeping an eye on the cycle high of $1.97, as a break above this level would likely signal the start of a new bull market. A confirmed breakout above $1.97 would not only strengthen the bullish structure but could propel XRP to unprecedented highs, consistent with predictions of a parabolic rally.
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However, consolidation around these levels indicates that XRP is facing temporary resistance. Market participants are currently keeping an eye on key support zones to ensure the current bullish momentum is maintained. If the upward pressure continues, XRP's next target could soon surpass historic levels and solidify its position as one of the leading assets in the cryptocurrency space. For now, XRP is inching closer to the $2 threshold and remains a hot topic for traders and investors.
Featured image from Dall-E, chart from TradingView
