XRP price has caught a lot of attention after crossing the $1 mark for the first time since March 2018; market forecasters have predicted a 160% appreciation.
A popular market analyst, SBZung, listed the following technical levels that can lead XRP to a $2.82 price in the future provided that it sustains the price above $1.06919, which is a crucial Fibonacci resistance level.
SBZung’s analysis shows that XRP has realised bullish pressure from recovering $1.04835 and maintaining $1.06919 as support.
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Hence, this level is expected to continue to rise, with $2.82 eyed as the next significant level. Nevertheless, SBZung warned that these levels could be lost to a low of $0.8735, but this seems to be a distant possibility considering the current price action.
Can XRP get back on top of 1.069?
If so, then +160% to 2.82 is my next target above. pic.twitter.com/yoYUjt4l2k— $TSLA Tracker (@SBZung) November 17, 2024
On-Chain Data Supports Bullish Momentum for XRP Price
Additional on-chain data supports the bullish argument for XRP, as large volumes remained at critical price points. Tokenicer, an on-chain researcher, stated that Big buy orders consisting of $1.15 million at $1 and $1.06 million at $1.01 are enough for XRP to go up.
Besides, a sell wall at $3 Million at $1.3 capped the rally last week. However, it has not changed the overall positive outlook. Despite that, the $1 level has become a strong psychological and technical support level backed with solid volumes. These data indicate that XRP holds the capacity to maintain the bullish run amidst the strengthened buying sentiment.
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Fibonacci Resistance at $1.6 and $1.96 Key to Breakout
Additional price resistance levels have been observed as $1.6 and $1.96. These levels correspond to Fibonacci retracement zones and indicate the peaks that XRP needs to conquer in order to proceed with its upwards movement. Other analysts like CryptOpus also hold the same perspective, though he provided more price targets at $1.6569, $2.0374, and $2.4169.
Further, the resistance levels are the psychological and technical levels that the asset must break through, if it is to extend its upward price movement. Leb Crypto, a market watcher, stated that the rally seen in XRP is from a multi-year sideways range, which is a structural change in the market. This breakout enhances the bullish sentiments for XRP regarding further and continuous price appreciation.
Multi-Year Consolidation Breakout Boosts Confidence
This breakout beyond $1 is not only a price level but also a structural level for XRP. Despite this, analysts have observed that this is the end of a long consolidation period, opening up new prospects for price gains. According to Leb Crypto, $0.94, $1, and $1.06919 are support levels deemed crucial for sustaining this uptrend.
The current rally puts XRP in the transformative phase with $ 1.6 and $1.96 as the next resistances to monitor. Market participants regard these levels as major signals for evaluating the sustainability of the current rally.
Currently, the XRP price is $1.13, which is 94% higher than $0.58 seen at the beginning of the week. This increase demonstrates active trading in the market, and the asset reached its highest point of $1.20 before a slight decline, indicating solid bullish run.
