XRP has maintained its recent bullish momentum after successfully breaching the $0.50 resistance, with an analyst noting that the token has the potential to sustain gains if certain levels are breached.
According to an analysis by The Great Mattsby, shared in an X post on July 16, XRP is nearing a key resistance zone likely to influence its future trajectory.
This analysis is supported by chart readings that outline key technical indicators and potential price movements for XRP in the coming weeks.
XRP price analysis chart. Source: The Great Mattsby
The level represents a critical trendline that XRP needs to close above weekly to signal the beginning of potential bullish momentum. Closing above this range would indicate a break from the current consolidation phase.
Key support to watch
Additionally, the analysis highlighted an important support level of around $0.40, which has historically acted as a safety net for XRP during periods of downward pressure.
Overall, the analyst offered a cautiously optimistic outlook, contingent on XRP’s ability to break through and sustain above the identified resistance. This caution is warranted, considering XRP recently raised questions about its suitability after dropping below the $0.50 mark.
However, the bullish momentum was rejuvenated when the crypto rallied in the wake of the first anniversary of being declared not a security in the ongoing Ripple and Securities Exchange Commission (SEC) case.
Notably, there is general acknowledgment that XRP will likely skyrocket in the coming weeks. As reported by Finbold, another analyst, Dark Defender, suggested that XRP is likely to surge after breaching the $0.6649 resistance. The gains will likely depend on the SEC case, which is nearing its conclusion.
The bullishness is elevated because XRP has seen rapid accumulation among large holders. Particularly, data shared by the crypto analysis platform Santiment revealed that XRP whales added 300 million XRP to their holdings between July 12 and 15. The accumulation of the altcoin by whales is typically considered bullish for an asset.
XRP price analysis
At press time, XRP was trading at $0.58 with daily gains of 11%, while on the weekly timeframe, the token was up 35%.
XRP seven-day price chart. Source: Finbold
With XRP successfully holding its price above the $0.55 support zone, it is now up to the bulls to push and reclaim the $0.60 resistance for any further potential gains.
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