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XRP Altcoin experts: The next key observation level for XRP is US$1.10.
Multiple bullish targets for this asset are set at US$5 and US$10 respectively. However, there is still a risk that XRP will fall further to $0.90.
The cryptocurrency community is closely monitoring the price movements of Bitcoin (BTC) and Ethereum (ETH), hoping that these pioneering cryptoassets and altcoins will enter a bull market trend. At present, the market generally hopes that these two core assets can break through the last resistance level, thereby completely reversing market sentiment and starting a bull market. At the same time, as a well-known altcoin expert pointed out that US$1.10 is the next price that XRP needs to focus on, the market's bullish expectations for altcoins are steadily heating up.
Altcoin experts emphasize that US$1.10 is the key observation level for XRP
Looking back at the last bull market cycle, when the bitcoin price soared from the US$60,000 range to US$126,000, the expectations of altcoin investors were repeatedly met. During this period, altcoin prices showed little significant increase, with only a very small number of tokens hitting record highs, but their increase was far less than Bitcoin's strong performance throughout the bull market cycle. Due to the complete absence of the "altcoin season", market sentiment was depressed throughout the cycle, and fell to freezing point in the ensuing year-long bear market.
Now, with the latest strong rebound in Bitcoin and Ethereum prices, analysts have declared that the bear market phase is over and the crypto market is in the early start of a bull market. Against this backdrop, analysts are patiently waiting for a confirmation signal.
Recently, the prices of Bitcoin and Ethereum have both achieved remarkable surges, breaking through several bullish resistance levels, but temporarily stalled before hitting the last two key resistance levels. Specifically, analysts believe that the ultimate barrier to Bitcoin lies in the range of $82,000 to $84,000. Once this barrier is breached, analysts are confident that the true bull market will officially begin. At the same time, Ethereum's price is expected to exceed the $3,000 mark.
XRP bullish targets are set at US$5 and US$10.
The rise in Ethereum prices will also drive a steady recovery in all altcoin prices. Currently, the chart of total market value of altcoins is approaching completion of a multi-year bull market pattern. Accompanying this trend are various bullish indicators that appear on multiple altcoin price charts. Among the many much-watched bullish altcoins in the current market, assets such as NEAR, FET, FIL, SUI and XRP have attracted a lot of attention.
It can be seen from relevant analysis posts that the price of XRP has been consolidating below the macro resistance level of 0.618 for two weeks, and then fell below the 0.5 retracement level. From a technical perspective, this 0.5-level break means that the logic previously used by experts to build a perfect W4 shape, which could directly push XRP to $1.77, has failed. She concluded that the upward path that once seemed easy and clear is no longer so clear.
At this stage, she expects that XRP is more likely to test the Zilang 2 area near $1.10 downward, which essentially constitutes a second test of the macro 0.786 resistance level. If XRP is trying to establish new trends, this is the key position where buyers are expected to step in and defend support. If the US$1.10 support is effective, XRP is expected to re-examine the possibility of a macro trend shift; if this support level falls, there is still room for XRP to further dip to a new low of US$0.90.
