Zach Rector, a well-known voice in the world of cryptocurrency markets, has hinted at the possibility of a significant surge in XRP’s price after retesting $0.41, setting sights on a potential target of $1.67.
During a discussion on the current state of the market, Rector pointed out the recent decline in XRP’s value, which saw it drop to alarming lows. The cryptocurrency experienced a series of downward trends starting from June 5, ultimately plummeting to $0.4508 just two days later. Prior to this, there was a noticeable dip to $0.4188 in April.
Despite a recovery from the April downturn, bearish pressure persisted, leading to the recent drop to $0.4508. Rector’s analysis included a chart illustrating how the price collapse in April resulted in a retest of a critical support level.
XRP has historically found support in this area, acting as a launching pad for significant price increases over the past four years. Rector highlighted the $0.28756 price as a key level of interest, marked by a yellow support line on the weekly chart. Whenever XRP touched this level, it experienced notable price spikes.
This trend was evident during the 2020/2021 cycle, where XRP remained around the support zone for weeks before witnessing a remarkable 573% surge from its low to the cycle high of $1.96 in April 2021, despite legal challenges from the SEC vs. Ripple lawsuit.
Following the decline from $1.96 and subsequent retesting of the support line due to market volatility caused by the Terra contagion in 2022, XRP saw a 229% surge from its low to $0.93 after the July 2023 ruling that classified it as a non-security.
Rector has now adjusted the support line to the range between $0.40 and $0.45, suggesting that XRP could use this level as a launchpad for further price increases. While no specific price targets were mentioned, the chart indicates resistance levels to overcome, starting with the high of $0.9374 in July 2023, followed by the $1.28 threshold, with the ultimate goal being the $1.678 mark.
XRP has already shown signs of recovery from the recent downturn, climbing 5.88% to reestablish the psychological level of $0.50. Currently trading at $0.5181, up 4% over the last 24 hours, XRP is among the top gainers in the top 15 cryptocurrencies. The RSI for XRP has also increased to 55 amidst the recent upswing.
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