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.
Please note that this content is for informational purposes only and should not be considered as financial advice. The opinions expressed in this article are solely those of the author and do not necessarily reflect the views of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, as The Crypto Basic is not liable for any financial losses incurred.
