Bullish potential for XRP price increases – a spike above $0.65 will trigger buyers

After several days of volatile price movements, XRP is testing key supply levels and showing signs of strength in preparation for a potential breakout. The price has risen about 13% since Friday and is within touching distance of the key psychological level of $0.65. A return to this level would signal the start of a new bullish cycle and a return to market optimism.

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Analysts and investors are closely monitoring this price movement and are hoping for XRP to break above $0.65 in the coming days. As the broader cryptocurrency market drives prices higher, there is growing belief that XRP will follow suit and continue its upward trend.

If this momentum continues, a further significant rise is expected if the stock exceeds this level, potentially heightening expectations for new highs.

However, failure to break out could lead to further consolidation or retracement. The next few days will be crucial for XRP as it looks to consolidate its bullish trajectory.

XRP Test Critical Resistance

XRP is at an important turning point, approaching the critical $0.65 level, but barring a brief breakout, it has not closed consistently above this level since March. Investors and analysts are closely monitoring price trends and speculating about potential outcomes as the market remains uncertain. Unable to close above this resistance level, XRP has been on a downtrend for months, leaving traders anxious and looking for a clear direction.

Renowned cryptocurrency analyst Crypto Tony weighs in on this situation. Share detailed technical analysis about Xhighlighting the importance of this price level. According to Tony, a return to $0.65 indicates that the bulls have regained control and are setting the stage for a potential rally.

In his analysis, Tony said that if XRP can break through this resistance, the price could be pushed to a new target of $0.92, which could be a massive 40% upside from current levels. It suggests that there is a sex.

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The $0.65 level has considerable psychological and technical significance, and a successful breakout will likely shift market sentiment to a sustained uptrend. However, uncertainty remains until this level is definitively restored.

All eyes are on XRP to see if the bulls can push the price to new highs in the coming weeks.

Price trends: key levels to watch

XRP is trading at $0.63 after months of volatile price swings marked by aggressive pumping and demoralized fire selling. The $0.65 level has been acting as daily resistance since early 2023 and was previously a key demand level that served as support from April 2021 to May 2022. However, this level turned into a challenging resistance zone for XRP.

If the bulls want to regain control and move higher, they need to see XRP break above $0.65 and see it as support. A successful breakout could show strength and set the stage for a bigger rally.

However, failure to break out of this level will result in a correction towards the daily 200 moving average (MA) of $0.54, which corresponds to a 12% decline. This scenario could result in further sideways consolidation for XRP and prolong the uncertain price trend for the coming months.

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As the market rises, XRP’s next move will determine whether it can maintain its bullish momentum or consolidate. For now, the $0.65 mark remains an important level to watch.

Featured image from Dall-E, chart from TradingView