XRP Price Enjoys Strong Support at $0.40: Bullish Breakout Next?

XRP (XRP), the native token of Ripple, has shown resilience in recent months, holding steady around its key support level of $0.40. This stability has fueled optimism among analysts, who see potential for a significant price increase in the near future.

XRP/ISD Technical Analysis Hints at Upswing

Technical indicators suggest a potential bullish trend for XRP. The coin has repeatedly tested and bounced back from the $0.40 support level, forming a double bottom pattern. This pattern is often seen as a bullish reversal signal, indicating that the price may be poised for a breakout.

Resistance Levels and Market Comparison

A crucial hurdle for XRP is the resistance level at $0.90. Overcoming this barrier could trigger a sustained uptrend. However, it’s important to note that XRP’s performance in 2024 has lagged behind major cryptocurrencies like Bitcoin and Ethereum, which have seen significant gains.

Short-Term Price Action

In the shorter timeframe, XRP is attempting a recovery wave above the $0.4250 zone. There is a key rising channel forming, suggesting potential bullish momentum if resistance levels at $0.4450 and $0.4500 are breached.

XRP Price Prediction by Analysts

Crypto analyst Armando Pantoja highlights this support level and increasing trading volume as positive signs. He predicts a potential surge towards $0.90, followed by further highs of $2.00 and even $20.00 in the long term.

Crypto analyst XForceGlobal presents a long-term perspective, focusing on a massive triangle pattern that XRP has been forming for over seven years. This extended consolidation phase could be a precursor to a major price movement.

New All-Time Highs on the Horizon?

XForceGlobal suggests that if XRP can maintain its position above a specific level, new all-time highs could be achievable. However, the analyst also acknowledges alternative scenarios, including potential price drops.

Large Investors Remain Confident

Despite the recent slump, major investors continue to show confidence in XRP. The number of addresses holding large amounts of XRP is on the rise, indicating ongoing accumulation. This suggests a belief in XRP’s long-term potential.