XRP is gaining traction after a period of stagnation below $0.60. The cryptocurrency has struggled to keep pace with recent broader market gains. But its latest price action has sparked renewed interest among investors.
Prominent crypto analyst Carl Runefelt has shared an optimistic outlook for XRP. He believes a significant rally may be imminent.
Runefelt's analysis suggests XRP could revisit key resistance levels not seen since earlier this year.
The altcoin is currently trading at a critical supply level. A breakthrough is necessary for further price appreciation. Positive sentiment in the crypto market has drawn attention to XRP's price movements.
Runefelt's technical analysis focuses on a daily triangle pattern in XRP's chart. This formation often precedes increased volatility and directional movement, so the analyst predicts a potential upside breakout.
If the pattern resolves bullishly, Runefelt targets a price of $0.90. This represents a 50% increase from current levels. Such a move would align XRP with the optimistic outlook pervading the crypto community.
However, XRP must first overcome existing resistance. The $0.65 level has proven to be a significant hurdle. A convincing break above this point is crucial for confirming a new uptrend.
At press time, XRP trades at $0.61. The price has seen a 6% increase in the past 24 hours. It currently holds above the 200-day moving average of $0.54, indicating long-term strength.
Despite recent gains, XRP continues to struggle with the $0.65 resistance level. Bulls need to push the price above this mark to maintain momentum, because successful breakout could attract further buying interest.
Failure to close above $0.65 may result in continued sideways trading. This could frustrate investors hoping for a clear directional move.
In such a scenario, XRP might remain range-bound between $0.54 and $0.65. The coming weeks will be crucial for XRP's price action. Market participants are closely watching for signs of a sustained breakout, success could signal a new phase of growth for the digital asset.