XRP Price Aims for 20% Increase to $2.51 as It Retraces to Breakout Area
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XRP’s valuation is projected to rise by 20% as it targets a significant resistance level of $2.50, creating a positive forecast for the altcoin. This estimate follows XRP’s recent pullback to reassess the breakout level, hinting that confirming this breakout could result in new highs.
XRP Price Anticipates 20% Increase to $2.51
In a recent TradingView analysis, a crypto analyst, Liam, suggested that XRP might soon target the critical resistance level at $2.15803. He identified $2.29387 and $2.40995 as additional key resistance benchmarks for the asset. Additionally, he indicated $2.18880 and $2.08373 as the vital support areas to watch.
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Liam further discussed the current price dynamics of XRP and the necessary conditions for the altcoin to achieve the $2.51 target. He observed that the altcoin has recently exceeded a critical consolidation range but is now pulling back to retest the breakout area. If support holds within the range of $2.18880 to $2.08373, the altcoin may embark on a robust bullish ascent towards the resistance levels, with $2.51803 set as a primary goal.
The analyst advised investors to carefully observe price behavior in the retest area. He stated that a strong positive rejection from support could present an advantageous long opportunity towards higher targets.
Currently, the XRP price maintains a bullish sentiment, with the overall cryptocurrency market experiencing a bounce from recent lows. Abundant fundamentals also support favorable price movements. The CME Group has announced plans to introduce XRP futures contracts in May, while ProShares Trust’s XRP ETF may launch soon, allowing institutional investors to gain exposure to the fourth-largest cryptocurrency by market capitalization.
$2.24 Remains a Key Resistance Level
Crypto analyst CasiTrades highlighted that $2.24 is an important resistance level to monitor for XRP pricing. She noted that this level has been under scrutiny for several weeks. XRP recently surpassed this threshold, hitting $2.27, but faced strong resistance and is now attempting to retest $2.24 as resistance.
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CasiTrades emphasized that the price remains exposed to deeper support levels until it reclaims and closes above $2.24. On a positive note, she asserted that this area is crucial to maintain bullish momentum. Meanwhile, crypto analyst Dark Defender expressed confidence that XRP will continue its upward trajectory. His accompanying analysis suggested that the altcoin could ascend as high as $8 within this market cycle.
At present, XRP is trading near $2.28, reflecting an increase of over 5% within the past 24 hours, according to the latest data.
Featured image from Pixabay, chart from Tradingview.com
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