XRP successfully broke through the $1.60 level, marking a significant technical move in the market. After reaching an intraday high of $1.66, the current price of XRP is around $1.62. The recovery began from a local low of $1.28, indicating a rise of more than 25% from that level. The breakout of the descending line connecting local highs in August and September was one of the most significant events.
Before breaking above $1.50 and $1.60, the price first returned to the line around $1.40. The confirmation of the breakout was reinforced by an increase in volume during the move. Moreover, XRP has surpassed all major moving averages on the daily chart. The long-term moving average between $1.36 and $1.37, which was previously a significant technical barrier, now serves as support. Although the heights of the August rally have not yet been reached, the momentum remains strong. The RSI is now in the upper 60s, approaching the overbought zone but still has room.
There is a question of whether the target of $2 is reasonable. Despite improved forecasts from a technical perspective, XRP still has some levels to overcome. The first significant resistance is located in the $1.65-$1.70 range. This is the most serious resistance, as the August rally was rejected at approximately the $1.70 level. On the chart, a strong close above this mark would eliminate the most noticeable resistance. It would take about an 18% rise to climb from $1.70 to $2. This is not an outstanding move in a market that is already showing large daily candles, but XRP likely needs sustained volume and overall strength of the crypto market to maintain this pace. If XRP falls below $1.50 again, it would weaken the bullish scenario. A more significant support zone is represented by the previous descending trend line between $1.40 and $1.42. If this zone is lost, the breakout could be considered unsuccessful. For now, XRP has successfully completed a challenging phase: it has regained the $1.60 level and exited its monthly corrective structure. The next level of confirmation is $1.70, and if this resistance gives way, $2 becomes a technically justified target.
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