Ripple (XRP) Uptrend Structure Intact! Breaking $1.60 is the Turning Point for the Next Rally

▲ Ripple (XRP) ©Go Da-sol

XRP (Ripple) has quickly rebounded from its recent correction and is once again knocking on the key resistance level of $1.60. While the short-term uptrend structure is still intact, the supply zone at $1.60-$1.70, which has halted previous rallies multiple times, is once again in sight, marking a turning point for its future direction.

According to crypto media outlet Cryptopotato on September 27 (local time), XRP has maintained above key Moving Averages on the daily chart since its surge in August. Recently, it rebounded strongly after receiving solid support in the demand zone of $1.25-$1.32, which overlaps with the upper Moving Average. The current price is hovering around $1.54, and repeated attempts to break above $1.60-$1.65 have failed, indicating that selling pressure in this range remains strong.

On a daily basis, the most crucial resistance zone is $1.60-$1.70. Analysis suggests that the overall uptrend structure remains valid as long as the recently formed lows maintain a higher level than previous lows. If XRP decisively breaks above $1.60-$1.70 on a daily closing basis, it could be interpreted as a strong bullish signal, potentially opening the way for further gains.

Conversely, in case of a decline, $1.25-$1.32 is identified as a key support zone. If this price level breaks down, the current uptrend structure could be significantly weakened, potentially opening up to lower support zones of $0.93-$0.97. As it was the starting point of the recent rebound, the defense of $1.25-$1.32 is a major variable that will determine the mid-term price structure.

On the 4-hour chart, a pattern of progressively higher lows has emerged since the $1.25 low in September. The Ascending Trendline is currently interacting with the price around $1.51-$1.53. XRP recently faced resistance near $1.60 and retreated to this trendline but is now attempting to rebound to the $1.54 level. If the ascending trendline holds, there is a possibility that it will retest the $1.60-$1.70 supply zone.

In the short term, the recovery of the recent high of $1.60-$1.62 is crucial. A breakthrough in this zone could increase the likelihood of further gains towards the upper end of the $1.60-$1.70 resistance zone. Conversely, if the ascending trendline breaks, $1.42-$1.45 is suggested as the next support zone, and if even this fails to hold, there is a possibility of a retreat back to $1.22-$1.28, where the recent rebound began.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*