As it continues its steady ascent toward the $2 mark, XRP is showing its desire to reach the long-awaited target. Notwithstanding the general market neutrality, the token is displaying fresh bullish momentum after a successful breakout from its bearish flag model. Altcoins like XRP have a window to take advantage of this move as Bitcoin's dominance is gradually waning.
Thanks to trading activity and investor confidence, XRP is currently pushing higher at $1.48. The most recent breakout indicates a change in attitude as traders who believe there is room for more upside are becoming interested in XRP. It is important to keep in mind, though, that the trading volume is a little weak, which might make the rally less dramatic than anticipated.
XRP/USDT Chart by TradingView
From a technical standpoint, XRP has recovered support above $1.40, which serves as a solid foundation for its upcoming rally. When the asset last tried to rise, it encountered selling pressure at $1.70, which is the next significant resistance. XRP is probably going to target the psychological $2 mark if it can break through this level with significant volume. The $1 to $20 level is still a crucial support area on the downside.
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This area may be retested if momentum is not maintained. However, given that altcoins are becoming more popular as a result of Bitcoin's waning dominance, XRP appears to have a good chance of maintaining its upward trajectory. Even though there is increasing optimism regarding XRP, investors should exercise caution.
The movement of XRP is mostly dependent on sustained volume and market sentiment, and the market is still impacted by outside factors. It is likely that the price will rise gradually toward $2, but a sharp increase will require more robust trading activity to support it.
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