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XRP is making waves in the crypto market, trading at $0.82 after hitting new yearly highs following an impressive 65% surge in just a few days. This rally has captured the attention of investors and analysts, with top analyst Carl Runefelt sharing insights into XRP’s bullish breakout.
According to Runefelt, XRP has finally broken above a multi-year resistance level, indicating the potential for a massive rally to higher prices in the coming weeks.
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Adding to the optimism, recent positive developments in the broader crypto space have further boosted market sentiment. Reports suggest that SEC Chairman Gary Gensler could resign, a move that could potentially reduce regulatory burden on the crypto industry. President-elect Donald Trump’s pro-crypto stance and policies are also generating renewed interest and confidence among crypto enthusiasts.
These factors have created an environment where XRP appears poised for significant gains. While investors are watching closely, the focus remains on whether XRP can maintain this momentum and continue to rise. With key resistance levels cleared and favorable news boosting sentiment, XRP is currently positioning itself as one of the most promising assets in the crypto space.
XRP is staring at a bullish phase
XRP has entered a promising new bullish phase after years of lackluster performance and protracted legal battles with the US SEC. This resurgence is generating optimism among investors and analysts alike, with top crypto analyst Carl Runefelt sharing a compelling technical analysis on X.
Runefelt highlighted XRP’s breakout from a multi-year resistance levelindicating a significant shift in the price trajectory. In his analysis, Runefelt cautiously predicted that XRP could reach $2 during this bull cycle, a modest target compared to analysts who expect the price level to rise above $20.
The breakout marks a turning point for XRP, which has faced years of sideways price action and persistent selling pressure. Legal setbacks, regulatory uncertainty and market skepticism caused the asset to underperform its peers. However, with favorable developments in the broader crypto market and the continued adoption of blockchain solutions, XRP is regaining its position.
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Many believe the coming months could be transformative for to become one of the standout artists. in this market cycle.
Bullish Price Action: Key Supply Levels to Watch
XRP is trading at $0.82 after a massive breakout that clears multiple resistance levels, signaling renewed bullish momentum. This rise has revived optimism among investors as XRP demonstrates strength after prolonged underperformance.
The next critical supply level that XRP can test is at $0.92, a price that has not been revised since 2021. A successful breakout above $0.92, followed by consolidation and support building at this level, could open the door for significant upward movement.
If XRP maintains its bullish momentum and establishes $0.92 as a support zone, demand could skyrocket, pushing the price towards the $1.4 level. This would mark an important milestone, in line with broader market optimism and strengthening investor confidence in the long-term potential of XRP.
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However, the possibility of a failed breakout above $0.92 cannot be ignored. If the price struggles to maintain this level, XRP could enter a consolidation phase, remaining tied until new catalysts emerge. Such a scenario would likely delay the next big move, but could also provide opportunities for accumulation.
As the price continues to rise, traders and investors are keeping a close eye on these key levels, realizing that the outcome could determine the next chapter of XRP’s price action in this bullish cycle.
Featured image of Dall-E, chart from TradingView
