After Jumping 220%, Is XRP Close to Reaching a New High? Analysis

After jumping 220% in the month, the XRP Is Ripple nearing a new price high? A recent analysis shared by “RLinda” on TradingView observed the price action of Ripple’s native token, suggesting that the coin will experience consolidation before starting its rally .

“At the moment, the coin is in consolidation after the rally. There are no technical prerequisites and reasons for a reversal and decline, the price is accumulating the potential for continued growth. The focus is on the resistance at 1,523 and 1,6300.”

A analysis highlighted the breakout and consolidation of the cryptocurrency price above this zone will provoke aggressive buying in the market, which may lead to a new bullish impulse. “It is possible that the local correction of bitcoin may put a slight pressure on the currency, which in turn, before further growth, will test the area of ​​1,4116 (strong resistance of September 2021), or the lower boundary of the consolidation – 1,2775”.

The analysis highlighted that the resistance levels to watch for XRP are: 1,5234, 1,6300, while the support levels are: 1,4116, 1,2775, 1,2133.

“Therefore, since we have a bull run, an ascending channel and a strong consolidation, in this case it is logical to consider only buying, which can be done only from support or after the resistance breakout. The target in the form of ATH 1.9669 is getting closer and closer,” he said. “A resistance breakout is forming. XRP starts realization,” he added.

The highest price paid for XRP (XRP) was $3,40, recorded on January 7, 2018 (almost 7 years ago). Comparatively, the current price is 48,11% lower than the all-time high.

In a surprising move, XRP shot 20% today, outpacing both BTC’s gains and those of major cryptocurrencies. XRP traded at $1,76 this morning, extending weekly gains to 22%.

At the time of publication, the price of XRP is trading at $1,75 and is up 20.5% in the last 24 hours. On a monthly basis, the token has seen an impressive increase of 233.1% in the last 30 days.