XRP Surges 12% As Bulls Take Charge, Expert Raises Target To $1.4

XRP is showing notable signs of bullish momentum once again in the market. Rebounding from a massive 11% price drop on April 12, the token hit its lowest level this year at $0.4230.

However, last week saw a solid 12% price recovery, with XRP outperforming the rest of the top 10. altcoin It follows Solana (SOL) and Binance Coin (BNB) in the market.

Are there any signs of a strong bullish trend in XRP?

On Tuesday, XRP hit a high of $0.5571, showing its strength and outperforming its peers. This revival is wallet activitywhich is a positive sign for the overall market sentiment for the token.

according to According to network intelligence platform Santiment, the number of wallets holding at least 1 million XRP has been steadily increasing over the past six weeks, increasing by 3.1%. We are one wallet away from reaching the all-time high (ATH).

XRP is about to reach ATH for wallets holding over 1 million tokens. sauce: Santimento

Furthermore, crypto analyst Ali Martinez said, report There has been a notable buying spree among XRP whales, who bought over 31 million tokens in the last week alone. This contributed to the development of cryptocurrencies. price recoveryunderscoring renewed confidence in the prospects for an uptrend.

Regarding price trends, market analyst Egrag Crypto said: pointing out The formation of a double bottom pattern in XRP is considered a strong bullish signal. According to analysts, this pattern, coupled with the transition from a consolidation zone to a supply zone and from a wicking area to a demand and accumulation zone, indicates a promising outlook for the token.

Egrag Crypto believes a significant price spike or “surge” is imminent, with the analyst updating his XRP target to $1.4.

Critical resistance level to be aware of

Despite the initials bullish outlook In the case of XRP, the token has returned to a price level of $0.5474 at the time of writing, with a market capitalization decline of 14% over the past 30 days.

Additionally, as XRP aims to reach higher levels, potential resistance barriers could hinder the token’s recovery and bullish trend. An analysis of the XRP/USD chart below reveals the immediate resistance at $0.5644, which has been preventing the price from consolidating above current levels over the past week.

XRP
The 1-D chart shows the recovery in XRP price over the past week. sauce: XRPUSD on TradingView.com

After that, the last hurdle before retesting the $0.600 zone lies at the $0.5884 level.This level was previously support floor This led to a reversal of the uptrend seen in March, pushing XRP to a year-to-date high of $0.745.

On the contrary, it is important to monitor the support levels at $0.52910, $0.5184, and $0.5044. If a bearish scenario plays out in the coming days, these levels could prevent XRP from falling below $0.500.

Featured image from Shutterstock, chart from TradingView.com

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