The price of XRP has seen bullish momentum in recent weeks, according to crypto trader Michaël van de Poppe, surging from lows around $0.45 up to local highs around $0.93 before pulling back to consolidate gains.
In a recent tweet, van de Poppe noted that XRP’s correction from $0.93 back down to the $0.45 level allowed the market to reset after its powerful run-up.
Now trading around $0.65, he suggests any further dips back toward $0.54 could offer an attractive area for bulls to re-enter.
XRP has rallied strongly so far in 2023 after a brutal bear market in 2022 saw it drop below $0.30. With positive momentum returning to the market, technical analysts are eyeing a retest of 2022 resistance around $0.93 and then $1.00 in the near term if XRP can build on its recent gains.
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However, XRP will need to hold above support at $0.54 to maintain its bullish market structure. Otherwise, a deeper correction towards $0.45 could be in store before bulls try again to break out to new highs. But for now, the technical picture remains constructive for additional upside.
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