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XRP has not dipped below the $1 level in the last seven days after it breached that critical resistance level. However, it did not make an appreciable climb afterward, as some investors had anticipated on the ongoing bullish cryptocurrency market. This sparked worries about whether XRP’s price uptick has ended.
XRP holds strong above $1
Data suggests that XRP entered price rebound mode as it tests its next target of $1.50. In the last 24 hours, XRP has climbed from a low of $1.0691 to its current level. XRP now trades at $1.12, atop a 0.35% jump as of this writing.
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Amid this price rebound, XRP’s market volume has risen by 23.93% to $6.95 billion. This signals renewed confidence among altcoin traders and remains one of the key drivers of XRP’s price. Investors look forward to sustaining the trading volume.
Meanwhile, legendary trader Peter Brandt has suggested that XRP’s price is set for a significant uptick. He says a “massive coil” has been identified on XRP’s technical chart pattern. This might explain the seeming stagnation of XRP’s price within the last four days.
Will XRP break through to $2?
Generally, this massive coil, or period of price consolidation, comes before a significant breakout, which favors an uptick in this case.
Brandt also emphasized that with XRP already surpassing its 2023 peak, the next market movement expects it to break through its 2021 peak.
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Meanwhile, as reported by U.Today, XRP’s open interest climbed by a staggering 1.7 billion within 24 hours. This suggests increased interest among traders in embracing the asset despite its sideways price pattern.
Market experts predict that if the momentum from traders remains, it might help push the price to the next anticipated $1.50 level. Others remain optimistic that XRP could test $2 in the ongoing bull rally.
