A market analyst has identified the next three crucial XRP price targets to watch out for as XRP records a visible rebound over the past week amid the broader market uptrend.
Unlike the trend observed over the past weeks, the price of XRP has made a significant turnaround in line with some expectations. By leveraging the broader bullish market trend, XRP has inked a 3.35% growth in 24 hours to $0.5491.
The digital currency’s market cap now comes in at $29,915,919,011 and the revival is catalyzed by the embrace of the coin as showcased in the 53% jump in trading volume to $1,571,435,471.
As these bullish metrics emerge, market analyst Elodie has doubled down on the positive sentiment over XRP, noting the propensity for a likely breakout.
The 3 Key Targets to Watch
In a post on X, Elodie noted that XRP is displaying a falling wedge pattern on the 6H chart. The falling wedge is a bullish pattern that suggests new traders with new money are likely to make their entry into the market, triggering a potential upward push.
#XRP reveals a falling wedge on the 6H chart!
Keep a close eye for targets at $0.5557, $0.6237, $0.6957 post-breakout.
Support holds strong at around $0.49! #CryptoAnalysis #XRPChart #DYOR #NFA pic.twitter.com/ejhQvvEXWn
— Élodie (@Elodie_de) February 14, 2024
With the setup, the analyst noted that XRP is poised to hit a short-term target of $0.5557 if it records and sustains a breakout. With the price of XRP currently pushing close to this target, Elodie pointed out that the coin may also print a parabolic run toward $0.6237.
However, the most optimistic target he placed on XRP comes in at $0.6957 post-breakout. It is worth noting that XRP has not traded close to this level since early November 2023. To offer a more balanced projection for the asset, Elodie noted that XRP’s strong support level lies at the $0.49 mark.
XRP and the Market Momentum
Since the start of the year, XRP’s growth has been erratic, with many community members notably losing faith in the likelihood of the coin rebooting its growth prospects. Amidst all these, some market veterans kept faith and shared reasons to keep believing.
The bullish twist XRP is recording at the moment is not necessarily a function of its internal fundamentals, but of the broader market. Bitcoin returned to the $52,000 mark recently, driving sentiments that favored top altcoins including XRP.