Market commentators have identified the next XRP target to look out for as the altcoin crosses pivotal levels amid a recent test of a huge supply zone.
XRP is at the center of a remarkable market rally, showing strength in the ongoing uptrend. Its price has surged by 31% over the past week and an astounding 271% in November, making it one of the biggest gainers in the ongoing post-election rally.
XRP Retests Key Supply Zone
Most recently, Blake, a stock market analyst, discussed XRP’s immense potential. He shared a 1-week chart which highlights XRP’s current position as it tests a seven-year supply zone.
According to Blake, this supply zone ranges between $1.75 to $1.95. For context, XRP entered this territory during the latest recovery phase, which began on Nov. 27. Before this rebound, XRP witnessed a four-day collapse, dropping 13% to $1.2821 on Nov. 26.
However, with the recent recovery, XRP has recouped these lost values. It is now up 36% since Nov. 27, having recently surpassed Binance Coin (BNB) to become the fifth-largest crypto asset. Amid the uptrend, XRP surpassed the $1.75 mark, and is now testing $1.90.
Interestingly, it is now within the upper end of Blake’s supply zone, and a breakout could occur if it clears the $1.95 roadblock. This zone has acted as a major resistance area, notably during the 2018 and 2021 bull runs.
The current test of this zone is especially pivotal. Blake believes if XRP successfully closes this week above $1.95, this could open the doors to the next major target at $2.50.
However, the market analyst advises investors to be cautious. Notably, XRP’s weekly RSI has spiked to 88, suggesting an overbought condition. He noted that for long-term holders, this level may be an opportune moment to take partial profits or adjust stop-loss positions.
A Potential Breakout Beyond $2
Meanwhile, in a separate analysis, Chad Steingraber, a pro game designer, compared XRP’s current rally to its 2017 breakout. His chart shows XRP is up 271% this November, similar to the 284% rally in March 2017, which marked the start of the 2017/2018 bull run.
We break $2
All Hell breaks loose…
XRP https://t.co/Wq2lrVjgkw pic.twitter.com/5ynqKZL3pu
— Chad Steingraber (@ChadSteingraber) November 30, 2024
Interestingly, after spiking 284% in March 2017, XRP rallied by an additional 143% the next month and saw a more substantial 374% gain in May 2017. It consolidated for six months following the May 2017 upsurge, before eventually gaining 746% in December 2017 to claim the $3.3 all-time high.
The altcoin could be looking to replicate this 2017/2018 run. Steingraber emphasized the importance of the $2 level. He suggested that breaching this threshold could trigger unprecedented bullish momentum. At press time, XRP trades for $1.89, up 21% in the past 24 hours.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
