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XRP Hits ATH—Why the 20% Surge Might Just Be the Beginning
In a stunning turn of events, XRP has hit a new all-time high (ATH) after surging by over 20%. The price has broken above several key resistance levels, including the $3.00 zone and the 50-week simple moving average (blue). This sudden uptrend has left many analysts wondering if this surge might just be the beginning of an even more significant bull run.
The recent price action has seen XRP form a strong base and clear a major bearish trend line at $2.20 on the weekly chart, signaling a shift to a positive zone for the asset. The bulls have been able to pump the price above the $3.00 resistance zone and the 50-week simple moving average (blue). This breakthrough has opened up the possibility of an all-new high.
The XRP price has now shown numerous bullish signs above the $3.50 level and the 50-week simple moving average (blue). The current trajectory suggests that the asset may continue to rise in the coming days. For those looking to buy, immediate resistance is near the $3.650 level. The primary key resistance lies nearby at $3.7250, with a breach of this level potentially setting the stage for further gains.
In the unlikely event that XRP fails to clear the $3.650 mark and instead starts a downward correction, immediate support can be found at $3.420. Next, bears may target $3.3650 before moving towards $3.20. The primary uptrend support is situated near $2.00, as well as the 50-week simple moving average (blue).
In this scenario, if bulls continue to remain active and push the price higher, XRP might rise toward $3.820 and eventually $4.00 in the coming days.
It remains to be seen whether XRP’s ATH will mark a turning point for the asset or merely a temporary blip on the radar.
Source: coinchapter.com
