XRP has made a comeback in the cryptocurrency market, recently reaching a high of 91 cents, sparking renewed enthusiasm among investors. This rise has many speculating that XRP could soon reach $1, marking a major milestone for the digital asset. Here’s a closer look at the current trends around XRP and what could be next for the cryptocurrency.
XRP Strong Weekly Performance
According to CoinMarketCap, XRP has surged 71% over the past seven days, ranking among the best performing assets. While meme coins like Dogecoin, Pepe, and Floki dominate the market in terms of short-term gains, XRP’s impressive rally is attracting attention as a potential breakout asset.
This strong momentum comes at a time when Ripple’s USD stablecoin listings are starting to gain traction, further fueling optimism about the future of XRP. Analysts suggest these developments could be a sign of bigger things to come.
A long-awaited escape?
On the Paul Barron Network, Investing Broz host Tim Warren said that while many have viewed XRP as a “boring” or stagnant coin, recent price action suggests that XRP may be entering a new bullish phase . The cryptocurrency is experiencing a long-term downtrend, with periods of low volatility and consolidation. However, after years of price contraction, XRP appears to have broken through its long-standing resistance level for the first time in over four years.
This breakout is seen as a potential sign that XRP could move from a downtrend to an uptrend, with some analysts predicting that the price could rise significantly in the coming months.
What’s next for XRP?
Looking at the charts, XRP is now eyeing key resistance levels. If the price rises above 95 cents (a level tested in mid-2023), it could signal further upside. The analyst predicts a $6 price target for XRP during the next bull market, based on current chart trends. Although this price may seem ambitious, the long-term trend shows signs of significant recovery.
In the short term, XRP maintains strong support around 70 cents, which could serve as a cushion in the event of a pullback. If XRP continues to rise, it could reach $1, with some experts predicting that it could reach $1.08 to $1.12 before facing stronger resistance.
Healthy corrections ahead?
Despite this positive sentiment, analysts warn that any rapid rebound will likely be followed by a correction. It is not uncommon for assets to experience pullbacks after such large moves, and XRP is no exception. If the price hits $1, a decline toward 70 to 71 cents could occur, but this would be considered a healthy retracement in the context of a longer-term uptrend.