XRP Reaches Critical Zone Ahead of Potential $46 Target

XRP is currently forming a pattern similar to its 2017 rally, according to an analysis.

The Crypto Basic reported that XRP is nearing a retest zone of a long-term trend line that has continued since 2020. This zone, between $0.74 and $0.80, could be crucial in determining the future price movements of XRP.

The analysis points out that if XRP holds this zone as support, it could push higher again, similar to the past trendline retests followed by recoveries. However, it's unclear whether this pattern will lead to an explosive rise like the past, and the magnitude of rebounds along the second long-term trend line was much lower than in the first cycle.

The analysis suggests that if XRP posts only one-tenth of the rise seen in 2017, it could reach $46. The key point to watch is whether the trend line is actually defended in the $0.74 to $0.80 band, rather than simply whether a rebound occurs.