With a breakout rally and rising speculation, XRP has topped $0.66 and is eyeing a potential breakout run to $0.91.
As the SEC approaches its deadline to appeal the recent ruling regarding Ripple, bullish sentiment is on the rise. The market price of XRP has climbed back to $0.65 today, accompanied by an 11% increase in trading volume.
Will this recovery rally continue to push above $0.70, or is a downturn imminent amid market pullbacks?
XRP Breakout Run
In the daily chart, XRP’s price action indicates a significant boost in the bullish cycle, surpassing the overhead resistance trend line. This marks a long-awaited triangle pattern breakout, unleashing strong upward momentum.
XRP’s price has surged by 9.94% over the past three days. With three consecutive bullish candles, the triangle breakout rally in XRP peaked at $0.6650, marking the highest price since March 2024.
XRP Price ChartCurrently, the recovery run in XRP’s breakout rally is challenging the 78.60% Fibonacci level near $0.6521. Additionally, it has exceeded a crucial resistance level of $0.6280, which prevented a higher closing price since July 2024.
The key daily EMAs (50, 100, and 200) remain in bullish alignment, reflecting an uptick in demand and increasing bullish momentum. Furthermore, the triangle breakout rally suggests a rounding bottom reversal, with a neckline at the $0.72 mark.
XRP Price Ahead
Based on the Fibonacci levels, the XRP price hangs at the crossroads at the 78.60% level. A bullish breakout will put $0.72 and $0.91 as the next potential targets at the 100% and 1.618 Fibonacci levels.
On the other hand, crucial support for XRP stands at the $0.6280 neckline and the $0.60 psychological mark. These levels may not be able to stand the incoming supply if the SEC decides to appeal, crushing the market optimism.
Supporting the appeal speculations, a former SEC lawyer told Fox Business reporter Eleanor Terrett that the agency would probably appeal the XRP ruling as they consider the ruling “illegal.”
Disclaimer: 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’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
