The cryptocurrency XRP may be gearing up for a bull run in the near future, according to crypto market analysts. After facing downward price pressure in early October, with prices dropping from a high of $0.54 on October 4th, XRP has found support around $0.48 over the past week. This stabilization after a period of decline has some analysts optimistic about a trend reversal.
What you'll learn 👉
Crucial Support Levels Holding Steady
With the XRP price holding steady above the crucial weekly support level of $0.48, analysts like trader Crypto Whale are confident this marks the beginning of a bullish ride, expecting further upside from this level. Crypto analysts are closely monitoring whether XRP can close the week above the key $0.50 support level. If so, the path appears open for prices to continue moving higher.
Next Targets Point to $1.20-$1.50
If XRP can build momentum here and break out above overhead resistance levels, Crypto Whale suggests the next leg up could take it to the $1.20 to $1.50 area. This would represent a substantial price appreciation from the current trading range in the $0.48-$0.50 territory.
In addition to the positive technical setup, improving fundamentals for XRP could provide tailwinds. The coming days and weeks could prove critical in determining whether a new bull market is truly kicking off for the third largest cryptocurrency by market capitalization. Crypto analysts will be closely monitoring price action and market indicators.
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