Crypto analyst Mr. Xoom has identified three key resistance levels that XRP must overcome in order to reach new highs, as bullish momentum continues to build in the XRP market.
In a tweet on Monday, Xoom suggested that XRP still has a few hurdles to overcome before it can achieve new all-time highs. He emphasized that there are three major resistance levels that need to be broken for XRP to surge to new levels.
According to Xoom, these major resistance levels are $0.65, $1.6, and the all-time high of $3.35. If XRP can sustainably break above any of these levels, its price could easily skyrocket.
However, Xoom acknowledged that these resistance levels could pose challenges, indicating that there may be some minor obstacles for the altcoin between these levels. He stated that XRP will face a significant battle at these levels.
It is worth noting that XRP has struggled to surpass the $0.65 resistance level for quite some time. Despite a brief surge to $0.93 in July 2023, it has failed to maintain trading above this price mark. Although it made an attempt to break through the resistance level on Saturday, it was unsuccessful.
Nevertheless, Xoom suggested that once XRP breaks above the $0.65 level, it will likely experience a smooth upward movement towards $1.6. At the current market price, this would result in a surge of over 63% for XRP.
Furthermore, if XRP manages to surpass the $1.6 level, it will then target a further 52% increase to reach the all-time high of $3.35.
Xoom’s emphasis on these resistance levels comes a few weeks after he mentioned that XRP was showing signs of a significant breakout. He shared a chart that indicated XRP was breaking out of a symmetrical triangle, a price pattern that has been forming since the bullish trend in 2021.
Analysts have predicted that XRP’s price will explode once it breaks out of this multi-year triangle, with some speculating that it could reach its 2021 high of $1.9761. This would represent a massive 336% increase from its current market price.
Meanwhile, XRP experienced a slight correction of over 3.5% after being rejected at the $0.6 level over the weekend. It is currently trading at $0.588, down less than 1% in the past 24 hours amidst a broader market correction.
Disclaimer: This article provides informational content and should not be considered as financial advice. The opinions expressed in this article are solely those of the author and do not reflect the views of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic shall not be held responsible for any financial losses incurred.
