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Following the rally above the 1-dollar value last week, XRP has maintained it as support, leading to projections of further upside.
Notably, amid the ongoing bull market run, XRP has reclaimed the $1 mark for the first time in nearly three years. This milestone came on the back of an impressive 100% surge last week.
The rally saw XRP reach a peak of $1.265 over the weekend before retracing slightly. The asset has since consolidated, holding firmly above $1 despite the pullback, as it currently trades at $1.175. Analysts are now charting the next potential moves.
SBZung Identifies $2.82 as Next Target
As XRP held above $1, market analyst SBZung shared a short-term chart yesterday, outlining a potential path forward. Notably, XRP reclaimed the $1.04835 level after briefly losing it, showing sustenance of the bullish momentum.
Interestingly, the chart indicates Fibonacci retracement levels as key support and resistance zones, with $1.04835 acting as a crucial reclaim point. The current upward trajectory is bolstered by XRP holding firmly at major support levels.
However, SBZung identified the zone at $1.06919 as an important level to hold for a continued rally, which XRP had given up at the time. He noted that if XRP reclaims and stays above this level, there could be a 160% move to $2.82.
The market analyst acknowledged the possibility of XRP collapsing to the $0.8735 level if its support levels above $1 fail to hold. Nonetheless, this is unlikely to occur as long as the current momentum holds firm. Following SBZung’s analysis, XRP has now reclaimed $1.06919.
Other Major XRP Levels to Watch
Meanwhile, CryptOpus, another prominent market watcher, identified $0.7941 and $0.9272 as additional key support levels.
The analyst outlined potential upward targets at $1.6569, $2.0374, and $2.4169, respectively corresponding to 80%, 120%, and 160% gains. This aligns with SBZung’s bullish outlook, although CryptOpus presents a gradual progression toward higher price points.
Further, market watcher Leb Crypto identified a confirmed breakout from a multi-year consolidation phase following the latest upsurge beyond the $1 region. Remarkably, this breakout represents an important shift in XRP’s market structure.
Multi-year consolidation breakout is now confirmed. Powerful.
Key support = $0.94 (MUST protect for bull continuation)
Next key resistances = $1.6 , $1.96#xrp https://t.co/wc8qrtHEdK pic.twitter.com/6Va9SaDVnm
— LE₿ C®️YPTO (@leb_crypto) November 17, 2024
The analyst also stressed the importance of $0.94 as a key support level, which must hold for the rally to continue. Leb Crypto identifies $1.6 and $1.96 as the next resistance levels XRP must overcome. This supports the idea that XRP is currently in a transformative phase.
On-Chain Data Confirms Large Buy Volumes
In addition, on-chain researcher Tokenicer also discussed the strength of the $1 level as a support zone. Citing on-chain data, he confirmed that this zone is bolstered by large buy orders, including $1.15 million at $1 and $1.06 million at $1.01.
Tokenicer also noted that XRP’s recent rally was capped by a $3 million sell wall at $1.3. Despite this resistance, the overall momentum remains favorable. The on-chain data suggests that $1 is now a psychological support level, providing a foundation for further upward movement.
📊$1 holding well on $XRP
The recent XRP upsurge past $1 resistance has been a big turning point for sentiment.
But can we hold above?
Well the on-chain data shows the $1 resistance may now be a strong support zone.
Current large bids around $1:
$1.15 Mil of buys at $1
$1.06… pic.twitter.com/mi8cXzgQN1— 🥖Tokenicer✲⥃⬢ (@Tokenicer) November 17, 2024
All these analysts generally agree that the current support zones are around $0.94, $1, and $1.06919, while resistance levels to watch are $1.6, $1.96, and $2.82. The $1 level has become an important psychological support backed by on-chain activity and buy orders.