XRP has successfully maintained its position above the $1 mark for seven consecutive days after surpassing this critical resistance. However, the token’s price has not shown the substantial climb some investors expected amidst the ongoing bullish cryptocurrency market. This has raised concerns about whether XRP’s upward momentum has stalled.
Price Rebound Targets $1.50
XRP has shown signs of recovery as it aims for its next target of $1.50. Over the past 24 hours, the token climbed from a low of $1.0691 to its current level of $1.12, reflecting a modest 0.35% increase.
Source: CoinMarketCap
This rebound indicates growing investor interest and hints at potential further gains in the near term. XRP’s market volume has spiked by 23.93%, reaching $6.95 billion.
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This increase in trading activity underscores renewed confidence among altcoin traders and serves as a key factor driving XRP’s recent price movements. Investors are optimistic that sustained trading volume could help propel the token’s value higher.
Technical Indicators Show Potential Breakout
Renowned trader Peter Brandt has highlighted a “massive coil” pattern on XRP’s technical chart. This pattern, often characterized by price consolidation, typically precedes a significant breakout. Brandt suggests this development explains XRP’s recent sideways movement over the past four days.
The token has already surpassed its 2023 peak, and analysts anticipate its next significant move could push it past its 2021 high. Market sentiment remains bullish, with experts suggesting the current consolidation phase could lead to a strong upward breakout.
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XRP’s open interest surged by $1.7 billion within 24 hours, indicating growing trader enthusiasm despite the price stagnation. Experts believe sustained momentum from traders could push XRP to $1.50.
Others express optimism that the ongoing bullish rally might enable XRP to test the $2 level in the coming weeks. The market’s focus remains on whether XRP can maintain its rebound and achieve these ambitious targets.
