XRP Price Rally Possible If Key Level Breaks, Analysts Say

Summary

• Optimistic analysts foresee new heights for XRP, albeit with conditions.
• Although the asset has struggled recently, it continues to gain traction among major cryptocurrency exchanges, which may enhance its liquidity and contribute to potential price appreciation.

XRP Surge Under This Scenario

The cryptocurrency sector has seen a rebound in recent weeks, with Bitcoin (BTC), Solana (SOL), Dogecoin (DOGE), and other prominent assets enjoying significant gains.

Nevertheless, Ripple’s XRP was one of the few that missed the upward momentum. Its price has plummeted over 10% in the past month, currently hovering around $0.52, according to CoinGecko data.

Despite the lackluster performance, some bullish analysts maintain that XRP will enter a bullish phase eventually.

For instance, the well-known user Dark Defender on X speculated that the coin’s value could soar to a new all-time high of $5.85 and perhaps even $18.22 if it surpasses the critical resistance level of $0.66:

“Once we see XRP reclaiming $0.66, whether it takes a day, a week, or a month, significant movements will follow. $0.6649 is the ultimate hurdle, and it has not been easy to overcome.”

The analyst asserted that these targets remain achievable as long as XRP’s price stays above $0.48 and, “most importantly,” above $0.3917.

“We are aware of the dynamics at play. Fewer individuals are remaining in the ship, as we observe. Yet, I have confidence in myself, Ripple, and XRP. Exciting times lie ahead,” Dark Defender concluded.

XRP’s Growing Adoption

In spite of its recent struggles, the token continues to gain support from top crypto exchanges. The latest to join the trend is MEXC, based in Seychelles, which claims to have more than 10 million users.

Other notable exchanges providing trading options with XRP include Binance, Kraken, Crypto.com, Coinbase, KuCoin, Bitstamp, Bybit, Huobi, and several others. Interestingly, some of these platforms delisted the token shortly after the U.S. SEC initiated its legal action against Ripple in late 2020.

However, Ripple achieved a significant (albeit partial) judicial victory in the summer of 2023, leading many of these exchanges to restore their XRP trading services.

Growing adoption from trading platforms boosts the liquidity of the token, enhancing its credibility and accessibility. Consequently, this could serve as a positive indicator for its price.