Scott Melker, the host of The Wolf of All Streets podcast, disclosed that he has not paid attention to XRP charts for a while but now finds them intriguing.
Melker disclosed this in a recent post after analyzing XRP’s pattern on the weekly timeframe. He shared a graph suggesting that XRP is on track to overcome a significant resistance channel.
While acknowledging that a rejection is likely, Melker noted a consequential breakout is on the horizon. Moreover, the analyst underlined that regardless of an individual’s perception of XRP and its performance, this impending price action is worth watching.
Notably, Melker’s latest analysis of XRP comes as the asset outperformed the broader bearish market, staging a solitary comeback while others declined. On Wednesday, XRP surged by over 10%, briefly emerging as the best-performing crypto of the day among the top 100.
This development has sparked renewed interest in XRP, even among market watchers like Melker and Ali Martinez, who rarely comment on XRP’s price action.
XRP Resistance Levels to Watch
In his latest commentary, Melker identified immediate resistance levels that XRP needs to overcome in its climb to higher prices. These levels include $0.75 and $0.93, which XRP must surpass to reach $1, with additional barriers at $1.3 and $1.9.
Interestingly, for the more immediate barrier of $0.75, Melker is not the only analyst emphasizing its significance before aiming higher. Analyst “Crypto Adict” also commented on this level yesterday, urging caution against ambitious targets like $100 when there are more immediate challenges.
The impact of this resistance level was evident in March when XRP rallied to $0.744 in one day but failed to continue its ascent.
In his analysis, Ali Martinez echoed Melker’s sentiment by highlighting the $0.93 price level as a significant roadblock. Martinez stressed that once XRP surmounts this level, it will effectively break its nearly seven-year downtrend, opening the door to higher highs.
At press time, XRP is back to just above $0.60 after reaching $0.6556 yesterday, reflecting an 8% decline in the last 24 hours. Notably, XRP’s uptrend was cut short by Bitcoin’s instability, as the premier asset dropped back to the $63K range yesterday.