XRP Set for $1.67 Surge After Retesting Crucial $0.41 Support

XRP Set for $1.67 Surge After Retesting Crucial $0.41 Support

Crypto market commentator Zach Rector suggests that XRP is on the verge of a significant price spike. Following a recent retest of the $0.41 support level, Rector believes the $1.67 target is achievable. Rector shared his insights amidst a turbulent market, which saw XRP plummet to surprising lows. From June 5, XRP experienced a series of declines, hitting $0.4508 two days later. In April, it had already slumped to $0.4188 during a downtrend. Despite a recovery from the April drop, bearish pressure continued, causing the recent dip to $0.4508. 

Historical Support Level As a Launchpad

Rector highlighted a critical support territory in his analysis. Historically, this area has acted as XRP’s “launchpad” to higher prices over the past four years. He pointed to the $0.28756 price, marked by a yellow support line on the weekly chart. Each time XRP touched this level, it surged impressively. 

In the 2020/2021 cycle, XRP hovered around this support zone for weeks. After retesting this level, XRP soared 573% from the bottom price to the $1.96 cycle high in April 2021, despite the SEC vs. Ripple lawsuit. 

Related article: XRP to $1,000: How Will the Market React to Price Milestones?

Following the $1.96 collapse, XRP retested the support line due to sustained dips triggered by the Terra contagion in 2022. This retest led to a 229% rebound from the floor price to $0.93 after the July 2023 ruling that declared it a non-security.

Revised Support Line And Future Targets

Rector recently revised the support line to a range between $0.40 and $0.45. According to him, the latest retest indicates XRP will use this support point to launch higher price surges. Although Rector did not make specific price projections, his chart shows resistance levels to target. 

Related article: XRP to $1,000? Analyst Cites JPMorgan’s Transaction Volume

The first level to breach is the July 2023 high at $0.9374. Once XRP surpasses this level, the next target is $1.28. Ultimately, the $1.678 price serves as the peak target for this anticipated upsurge. XRP has already rebounded from the recent downturn, rising 5.88% to reclaim the $0.50 psychological level. 

Currently trading at $0.5181, up 4% over the last 24 hours, XRP is the second biggest gainer among the top 15 crypto assets. Additionally, XRP’s RSI has spiked to 55 amid the latest upswing.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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