Key Takeaways:
- XRP’s historical patterns suggest a potential rally to $99, reflecting its 2017 breakout.
- Price action remains uncertain, with key resistance and support levels in focus.
- Traders are watching $2.90 closely as a decision point for XRP’s next major move.
XRP is once again sparking conversations about a massive rally, with some comparing its current price action to its 2017 breakout. Back then, XRP initially struggled at its all-time high before blasting past key resistance levels, leading to a surge that caught many off guard. Now, analysts suggest that the same setup is forming, potentially pushing the cryptocurrency toward an ambitious $99 target.
The reason for this prediction is the behavior of XRP consolidating before breaking out. 2017 the token first retested the previous high before it rallied nearly 40x. Some today believe history could repeat, with the next wave of upward momentum sending the cryptocurrency by over 3,900%. Should that happen, it would be one of the biggest price movements in XRP’s history.
That said, though, history doesn’t always repeat itself, and just because the setup is similar doesn’t mean that the outcome will be the same. Market conditions are different now, and outside influences like regulatory progress and general crypto sentiment will have an impact on the cryptocurrency’s path.
Price Action and Key Levels to Watch
While long-term expectations are bullish, near-term market structure is ambiguous. XRP has been strong in that it has utilized the 0.5 Fibonacci retracement level as support, forming a gentle uptrend. Traders are cautious, nonetheless, as to whether this is the start of a move higher that will hold or just a bounce prior to another drop.
The key level to watch is $2.90. If XRP is able to flip this resistance to support, it would be a sign of strength and could open the path to further gains. A successful recapture of this level would validate a bullish breakout, and could accelerate toward higher targets.
On the other hand, a rejection at $2.90 would keep the door open for one last correction. In that case, traders are eyeing support levels at $2.16, $1.88, and $1.53, where they will be looking to add additional XRP. This uncertainty has created what is called by some traders a “no-action zone.” Until the market provides clear confirmation of direction, many opt to wait rather than taking positions based on impulses.
Market Sentiment and XRP Next Moves
With XRP at a crossroads, traders are preparing for both bull and bear scenarios. If momentum builds above $2.90, it may open the door for the next major leg to the upside. If there is selling pressure, a more significant pullback may precede a decent uptrend.
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