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- XRP has been consolidating for 95 days while maintaining support above $1.96.
- A breakout at $2.54 could trigger a rally toward $3.05 or higher.
- The Crypto Summit may be crucial in determining XRP’s next major move.
XRP has been trading in a tight price range in the last 95 days, holding above the critical support of $1.96. The overall market mood is not good with fear and pessimism dominating investor mood. However, despite that, XRP has been steadfast.
The price fell sharply by 10% recently after fresh reserve numbers were released. This sudden dip created a panic among certain traders. What surprised many individuals, however, is that XRP recovered quickly. In a very short period of time, it recovered most of its loss. Analysts consider this as a strength indicator that is a sign that buyers are entering to support the price.
XRP is currently battling a major level of resistance at $2.54. If it is successful in breaking through here and maintaining itself above it, it would have a potential move towards future price targets of $2.70 and $3.05. There are experts who believe that this would trigger a broader bullish momentum that would drive Ripple towards a price of $9.50 in the long term. This is in accordance with broader market forecasts that have XRP’s macro target at between $8 and $13.
XRP Holds Golden Zone, Defies Doubters Again
The recent price action for XRP has been a predictable one in terms of Fibonacci levels of retracement. The price had fallen to $2.38 at the .618 level of retracement—historically a golden buying point. Traders took that level as a point at which to accumulate more XRP, and so far it has been a good support point.
Market sentiment regarding Ripple has been erratic over the years. In previous cycles, many critics continuously repeated that Ripple is dead. Others questioned if it would be capable of breaking through significant price levels, and others wrote it off as a manipulated or centralized asset. The SEC lawsuit on Ripple only furthered uncertainty. However, in spite of these setbacks, XRP has continued to move forward, constantly proving itself to be resilient.
XRP Recognized as Strategic Asset
Adding to the excitement is that XRP has just reached a price of $3.39. This is in light of news that the U.S. government has recognized Ripple as a strategic digital asset. These developments indicate that XRP is gaining prominence in the financial system.
All eyes are on charts as Ripple approaches a breakout point. A significant rally is imminent if and when the price breaks through and gathers momentum. The next few days might determine XRP’s future and potential for new highs.
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