Ripple New: XRP’s Path to $1 – Breakout or Breakdown Ahead?

XRP, the seventh-largest cryptocurrency by market capitalization is heating up! The price has surged, but can it keep the momentum? Analyst Cheeky Crypto in his YouTube video breaks down the rally, key resistance levels, and whether XRP is on the brink of a major breakout or a looming correction.

Are you ready to discover the truth behind the hype? Here’s more on this below.

XRP Price Performance

XRP recently dropped over 4% from a high of 63 cents, creating a “fair value gap” that might indicate further declines. However, if XRP consolidates and consistently closes above $0.65, it could reach $1 in the coming weeks. In a bearish scenario, strong support is expected around $0.45.

Short-Term Outlook

Short-term, XRP surged to $0.63 but then fell sharply. It’s currently trading within a range that might see it drop to about $0.5993 to $0.6280. For a bullish turnaround, XRP needs to rise above $0.6184. Key moving averages like the 50 SMA and 200 EMA will be crucial in this phase.

Midterm Outlook: Bearish or Bullish?

XRP seems to be in a five-wave decline pattern, which isn’t complete yet. The third wave might push XRP down to the $0.51-$0.52 range unless it breaks above $0.64. Volume profiles show increased selling pressure and bearish momentum. Still, a rebound from these levels might indicate a reversal and potential upward movement. However, the increased selling pressure suggests that bearish momentum could persist.

Long-Term Outlook: What to Expect

On the daily chart, XRP is moving between crucial support at $0.3346-$0.3575 and resistance at $0.6424. Looking ahead to 2025, long-term projections remain positive, with targets ranging from $5.59 to $11.25. While a rise to 75-85 cents is possible, current conditions suggest this might be delayed, with volatility likely before any major upward movement.

The stochastic RSI shows bearish momentum, with a potential downside shift as the yellow line crosses below the white line. Although the RSI remains steady, it shows some bearish divergences. XRP’s price action has flattened, with decreasing volatility and volume indicating waning interest, which could stall the rally’s progress.

Is XRP at a Turning Point?

In summary, XRP is at a crucial crossroads where a single misstep could be costly. Despite short-term volatility, the long-term outlook for XRP remains positive, with potential for significant gains by 2025. Monitoring resistance at 64.2 cents and support levels around 51-52 cents will be key for future trading decisions.

Do you believe XRP can reach its all-time high in the current market?