Ripple (XRP) Could Reach New ATH If It Conquers This Important Resistance Level (Analyst)

TL;DR

Bullish analysts predict new highs for XRP, but there’s a catch. Despite recent underperformance, the asset continues to see increased adoption by major crypto exchanges, which could increase its liquidity and support future price growth. XRP Rally under this condition

The cryptocurrency market saw a surge in recent weeks, with Bitcoin (BTC), Solana (SOL), Dogecoin (DOGE) and other leading assets witnessing substantial gains.

However, Ripple’s XRP was among the few that didn’t catch the wave. Its price has dropped more than 10% on a monthly basis, currently trading around $0.52 (according to CoinGecko data).

XRP Price, Source: CoinGecko

The unsatisfactory performance, however, has not changed the position of some optimistic analysts who believe that XRP will experience a bull run sooner or later.

An example is the popular X user Dark Defender, who speculated that the price of the token could shoot up to a new all-time high of $5.85 and even $18.22 if it breaks the major resistance level of 0, $66:

“And as soon as we see XRP above $0.66, a day, a week, a month, we’re going to see huge moves. $0.6649, the final head, and it wasn’t and still isn’t easy to get rid of” .

The analyst stated that these targets remain plausible as long as the price of XRP does not fall below $0.48 and “most importantly” $0.3917.

“We know and see what happens in the background. We can already see that there are fewer people left on the ship. But I trust myself, Ripple and XRP. We have exciting times ahead,” Dark Defender concluded.

XRP adoption is on the rise

Despite not performing well lately, the token continues to receive more support from major crypto exchanges. The latest to jump on the bandwagon is Seychelles-based MEXC, which claims to have more than 10 million users.

Other well-known platforms that enable trading services with XRP include Binance, Kraken, Crypto.com, Coinbase, KuCoin, Bitstamp, Bybit, Huobi and more. Interestingly, some pulled the asset shortly after the US SEC began its legal war with Ripple in late 2020.

The company, however, won a vital (still partial) court victory in the summer of 2023, and many of these exchanges restored services with XRP.

Greater adoption of trading centers improves the liquidity of the token and increases its credibility and accessibility. As such, it could be considered a bullish factor for the price.

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