Zach Rector, a crypto market commentator, suggests XRP could be on the verge of an impressive price spike following the retest of $0.41, with the $1.67 level a possible target.
He disclosed this while speaking on the current market realities, which have seen XRP drop toward shocking lows. For context, XRP recorded a series of declines from June 5, eventually collapsing to $0.4508 two days later. However, before now, there was a noticeable slump to $0.4188 during the April downtrend.
Despite XRP recovering from this April drop, the bearish pressure persisted, resulting in the recent drop to $0.4508. In his analysis, Zach Rector presented a chart indicating that the April price collapse resulted in a retest of a crucial support territory.
XRP’s Historical Support Level
This support area has historically served as XRP’s “launchpad” to greater heights over the past four years. Notably, Rector called attention to the $0.28756 price as the point of interest, designated with a yellow support line on the weekly chart. Each time XRP touched this level, it witnessed an impressive price upsurge.
#XRP Launchpad ready pic.twitter.com/KRcLpaCdS7
— Zach Rector (@ZachRector7) June 16, 2024
This phenomenon first occurred in the 2020/2021 cycle, with XRP hovering around the designated support zone for several weeks. After retesting this level, XRP recorded an astronomical 573% surge from the bottom price to the $1.96 cycle high in April 2021 despite the legal pressure from the SEC vs. Ripple lawsuit.
After collapsing from $1.96 shortly after, XRP eventually retested the support line as a result of sustained dips triggered by the market impact of the Terra contagion in 2022. Expectedly, this retest preceded a rebound which saw XRP spike 229% from the floor price to $0.93 upon the July 2023 ruling which declared it a non-security.
XRP Targets $1.678
Rector recently revised this support line to the range between $0.40 and $0.45. Per his disclosure, the latest retest indicates that XRP would again leverage this support point as a launchpad to greater price surges.
While the market commentator failed to make any definite price projections, the chart presents target prices serving as resistance levels. The first point to breach is the July 2023 high at $0.9374. Once XRP breaks above this level, its next target rests on the $1.28 price threshold. Ultimately, the $1.678 price serves as the peak target for this anticipated upsurge.
Meanwhile, XRP has already recorded a rebound from the recent downturn, up 5.88% to reclaim the $0.50 psychological level. XRP now changes hands at $0.5181, up 4% over the last 24 hours. This makes it the second biggest gainer among the top 15 crypto assets. XRP’s RSI has also spiked to 55 amid the latest upswing.
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