XRP is holding above a key support level despite significant selling pressure and fear in the crypto market. After experiencing a 20% retrace since August 24, the price remains stable above the $0.50 mark, sparking hope among investors and analysts. This crucial support level has become a focal point, as it could indicate resilience in an otherwise bearish market.
The stability has fueled optimism, with some analysts now targeting higher price levels for XRP in this market cycle, assuming the support continues to hold. As the broader market experiences uncertainty, Ripple’s performance at this level could determine its next major move. Investors and traders are closely watching price action to assess whether a recovery is on the horizon or further downside awaits.
XRP Next Move Could Shock The Market
XRP has been one of the most controversial cryptocurrencies in the market, not just because of the ongoing SEC lawsuit or its unpredictable price action over the past few years, but also due to the highly optimistic predictions from certain investors and traders who argue that it remains undervalued.
One of these figures is Amonyx, a well-known analyst who recently shared a detailed technical analysis on X, forecasting a price target of $50 to $57 for this market cycle. His analysis includes a chart displaying two exponential bands, which project potential lower and upper price levels in the long term.
Amonyx’s prediction is just one of many that reflect a bullish outlook. Despite the regulatory uncertainties and current market conditions, these forecasts suggest that some traders and investors view Ripple as a promising asset poised for significant growth. According to these analyses, the current consolidation phase and support levels may offer an opportunity for market participants to position themselves ahead of an anticipated breakout.
With the crypto market still experiencing volatility and uncertainty, such optimistic predictions highlight the potential for XRP to deliver substantial returns. Whether or not these predictions materialize, Ripple remains a focal point for those looking for outsized gains in the crypto space.
XRP Technical Details
XRP is currently trading at $0.5225, having dropped from local highs. The cryptocurrency is struggling below the daily 200 moving average (MA) at $0.55, a key support level that was lost on Thursday.
Despite this, the price is still holding above the critical $0.50 level, offering some hope for bulls. To regain momentum, the price needs to reclaim the daily 200 MA and break through the local high of $0.65. Achieving this would signal a potential bullish shift, paving the way for further gains.
On the flip side, if XRP loses the $0.50 support, the next level to watch is $0.48. Falling below this threshold could lead to a deeper correction, extending the bearish sentiment. Bulls need to keep the price above $0.50 to maintain any chance of recovery, while bears will be eyeing these critical levels for further downside potential.
Featured image from Dall-E, chart from TradingView
Powered by WPeMatico
