XRP is testing a key supply level after days of choppy price action, showing signs of strength in preparation for a potential breakout. Since Friday, the price is up about 13%, putting it within striking distance of the key psychological level of $0.65. A rebound of this level would signal the beginning of a recent bullish cycle and renewed optimism in the market.

Analysts and investors are closely watching this price movement, hoping that XRP will break above $0.65 in the coming days. As the broader cryptocurrency market pushes for higher prices, there is growing confidence that XRP will follow suit and continue its upward trend.

If momentum continues, breaking above this level could set the stage for a more significant rally, with recent highs expected.

However, failure to break through could lead to further consolidation or even retracement. The next few days will be crucial for XRP as it tries to consolidate its bullish trajectory.

XRP Tests Key Resistance

XRP is at a critical turning point, approaching the key $0.65 level, a level it has not consistently closed above since March, barring a brief breakout. Investors and analysts are closely monitoring price action, speculating on potential outcomes as the market remains uncertain. The inability to close above this resistance level has kept XRP in a consolidation phase for months, leaving investors anxious for clear direction.

Prominent cryptocurrency analyst Crypto Tony commented on the situation: providing detailed technical analysis on Xemphasizing the importance of this price level. According to Tony, a recovery of $0.65 would mean the bulls are back in control, setting the stage for a potential rally.

In his analysis, Tony suggests that if XRP breaks through this resistance, it could push the price to a recent target of $0.92, which would represent a significant upside of 40% from its current level.

The $0.65 level has significant psychological and technical significance, and a successful breakout would likely shift market sentiment in favor of a sustained uptrend. However, until this level is decisively recovered, uncertainty remains.

All eyes are on XRP to see if the bulls can push the price to recent highs in the coming weeks.

Price Action: Key Levels to Watch

XRP is trading at $0.63 after months of volatile price action characterized by aggressive pumps and discouraging dumps. The $0.65 level has been daily resistance since early 2023 and was previously a key demand level offering support from April 2021 to May 2022. However, this level has become a arduous resistance zone for XRP.

If the bulls want to regain control and push higher, XRP needs to break through the $0.65 mark and confirm it as support. A successful breakout would signal strength and potentially set the stage for more growth.

However, a failure to break this level would lead to a correction towards the 200 daily moving average (MA) of $0.54, a decline of 12%. This scenario could also result in further sideways consolidation for XRP, extending the choppy price action into the coming months.

As the market continues to surge higher, XRP’s next moves will determine whether it will be able to maintain its bullish momentum or consolidate. For now, the key level to watch remains $0.65.

Featured image from Dall-E, chart from TradingView