Ripple (XRP) Defends a Critical Level – Is a Massive Double-Digit Rally Next?

Here's why XRP might be poised for a 25% price jump.
Dimitar Dzhondzhorov

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TL;DR

  • Popular analysts highlight $2.71 and $2.75 as key support levels, envisioning upside potential toward $3.60 if buying pressure builds.
  • Some traders predict XRP could mirror its 2017 breakout and even aim for new all-time highs. Optimism is fueled by rumors of more US spot XRP ETFs following the launch of XRPR, which debuted with over $37M in first-day volume.

Gearing up for a New Pump?

Ripple’s XRP has followed the overall pullback of the cryptocurrency market, with its price tumbling by 8% in the past seven days. At the start of the business week, it dropped as low as $2.78 before rebounding to the current $2.85. 

The popular analyst Ali Martinez noted that XRP successfully defended the critical support zone at $2.71, claiming this gives it a chance to jump back to $3.60 in the short term.

For their part, X user CRYPTOWZRD set $2.75 as the main daily support target. The analyst еnvisioned one more retest of $2.88, which could potentially result in a further price increase. 

How About a New ATH?

Other market observers have outlined even more bullish predictions. The X user Galaxy claimed that XRP’s price has recently consolidated in the same fashion it did back in 2017, or shortly before experiencing a gigantic rally. 

“It will run again above all time highs when people least expect it,” the analyst added.

Dark Defender (an X user who often touches upon XRP’s price movements) also chipped in. In their view, the asset is nearing completion of the corrective action and is on the verge of a lift-off. 

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“After this consolidation, and reclaiming $3.333, nothing will be able to stop what’s coming,” Dark Defender forecasted.

Meanwhile, X user John Squire spread the rumor that additional spot XRP ETFs may receive a green light in the United States as early as this week. Such a development is likely to increase the interest in the asset and positively impact its price.

Recall that in mid-September, REX-Osprey introduced XRPR, marking the debut of the first spot XRP ETF in the US market. Its start was more than positive as it generated a trading volume of over $37 million on day one. 

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About the author

Dimitar got interested in cryptocurrencies back in 2018 amid the prolonged bear market. His biggest passion in the field is Bitcoin and he was fascinated with its journey. With a flair for producing high-quality content, he started covering the cryptocurrency space in late 2018. His hobby is football.