XRP poised for 1200 surge following successful level reversal
XRP Investors Anticipate Breakout as Analyst Predicts Rally to $6
As the overall cryptocurrency market shows signs of growth, investors in XRP are eagerly awaiting the possibility of the token breaking out of its consolidation zone below $0.50.
On June 30, crypto analyst Egrag Crypto shared an X post suggesting that XRP may have some upside potential, indicating that it could rally past the $6 mark. This expert analysis is based on observing key XRP Fibonacci levels, with a focus on the significance of the current monthly candle formation closing above the 0.236 Fibonacci level.
According to the analyst, this pattern is a natural consolidation phase, setting the stage for a potential breakout. The next major target is the 0.5 Fibonacci level at around $1. If XRP can surpass this with strong momentum, the path to the 1.618 level, and hence to $6.4, becomes much clearer.
The projected price increase would be a welcome move within the XRP community, especially as the token has faced questions about its long-term sustainability. Concerns have emerged as XRP has been outperformed by 75% of the top 100 crypto assets over the past year, failing to catch up with peers such as Bitcoin and Ethereum.
Despite the ongoing legal tussle between Ripple and the Securities Exchange Commission (SEC), the majority market consensus maintains that XRP still has the potential to rally once it shakes off current woes.
In the short term, another analyst, RLinda, noted that the next possible target for XRP is the $0.73 mark, as long as the token maintains support above $0.46.
Overall, the ongoing legal litigation remains a key determining factor in whether XRP will break out of the current consolidation. Notably, the court found that Ripple violated federal securities laws through institutional sales of XRP but dismissed other charges. Ripple is contesting the SEC’s proposal to fine the company nearly $2 billion, advocating for a civil penalty not exceeding $10 million.
At the time of reporting, XRP was trading at $0.48 with 24-hour gains of 1.4%. On the weekly chart, XRP is up less than 0.1%. Over the past seven days, XRP has seen support levels fluctuate between $0.468 and $0.475, providing stability and prompting rebounds, notably on June 27 and June 29. Resistance levels have been observed around $0.485 and $0.490.
Overall, XRP has predominantly been affected by bearish sentiments, consistently trading below its 200-day simple moving average with only 13 green days out of the last 30. The cryptocurrency remains 88% below its all-time high and faces an annual inflation rate of 6.08%.
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