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Bitcoin maxi Christopher Jaszcynski, the host of the MMCrypto channel, believes XRP is on the verge of a breakout, targeting a new seven-year peak.
Jaszcynski disclosed this in a recent analysis on X, admitting to his 1.5 million followers that XRP might be looking to overcome the latest bearish phase. For context, XRP has faced immense resistance since reaching the $2.9 top on Dec. 3.
XRP Faces Roadblock at $2.62
The market pundit shared a 4-hour chart indicating that XRP is witnessing a roadblock above the $2.6 price mark. Interestingly, since correcting below this level on Dec. 3, XRP has failed to push through each time it retested the $2.6 territory, confirming the formation of a massive wall in this region.
At the time of Jaszcynskiâs commentary, the asset was again retesting the $2.62 price level. However, this eventually led to another massive pullback. XRP has since crashed to $1.96, representing a 29% drop from the $2.62 high.Â
Amid the latest bearish pressure, XRP now battles with the support at the lower Bollinger Bands ($2.35), after the bears breached below it. For the anticipated breakout to occur, XRP must first recover this support and leverage it as a launchpad to reclaim the 20-MA currently at $2.45.
Notably, market data confirms that XRP would only be able to engineer its next attempt at the $2.62 resistance after hitting $2.55, which represents the Pivot point. A move above this level would flip the short-term momentum from bearish to bullish, granting the bulls enough strength.
Resistance Levels Above $2.62
According to Jaszcynski, should XRP successfully break above the $2.62 roadblock, it could target the $3.05 level, marking a new seven-year peak. The last time XRP saw $3.05 was in January 2018, as it attained an all-time high of $3.31. A rally to $3.05 would demand a 44% increase from current levels.
However, before XRP can clinch this milestone, it would first have to break above the upper Bollinger Band of $2.72, forming a massive resistance level. Beyond this, the bulls could face another round of selling pressure at $2.84, marking the last roadblock below $3.
Despite the current downturn, analyst Cryptoes confirms that XRP has recently closed above the 4-hour falling wedge support after briefly wicking below it. Meanwhile, on the monthly chart, market pundit Levi has identified a breakout from a W pattern.Â
#Xrp broke out from a massive âWâ pattern on the monthly chart
The technical target is $30+ pic.twitter.com/RBQd1evJgv
— Levi | Crypto Crusaders (@LeviRietveld) December 8, 2024
At press time, XRP currently trades for $2.12, down 12% over the past 24 hours. Despite this, the bulls appear to be resuming control, as the altcoin has increased 1.2% over the last hour. Some analysts believe the next XRP explosion will come âunexpectedly.â