- XRP has broken through the key $2.35 resistance level after being rejected there for the past six weeks
- The breakout has led one analyst to issue a new price target of $4.35 for XRP by the end of July
- The move comes as part of a broader market rally that saw Bitcoin hit a new all-time high of $112k
XRP, the native cryptocurrency of the open-source XRP Ledger (XRPL), broke above significant resistance on Wednesday to revive its bullish sentiments. Crypto analysts who follow the digital asset believe the latest move will push the cryptocurrency’s price to significantly higher levels.
One such XRP supporter with massive followers on X believes the move marks the beginning of an “XRP season.” According to the XRP user, the cryptocurrency will continue rallying and reach a target of $4.35 by the end of July.
XRP Smashes Through a Six-Week Barrier
XRP has now overcome the $2.35 barrier, a level that suppressed its price for the past six weeks. The cryptocurrency attempted to break above that region multiple times, but succumbed to bearish pressure. However, the bullish momentum from the June 22 bounce has pushed XRP beyond several barriers, including established Fibonacci resistance levels.
Achieving the new $4.35 target would mean XRP would nearly double its current price and reach a new all-time high over the next few weeks. To do so, the cryptocurrency would also have to break above more notable barriers, including historical resistance levels and other psychological price points.
Related: XRP (XRP) Price Prediction for July 11
It is worth noting that the current XRP surge aligns with a broader crypto market rally, especially among large-cap coins.
XRP in the Company of Other Top Cryptos
Bitcoin, the largest cryptocurrency by market cap, surged 3.24% on Wednesday to reach a $112,040 all-time high. Other top cryptos, including Ethereum, ADA, and SOL, experienced notable rallies. For instance, ETH surged nearly 8% to climb above the $2,800 psychological resistance, while ADA broke above the $0.6 resistance during a 7% rally before Wednesday’s close.
Related: Markets Turn Green as $BTC, $ETH, $SOL, and $XRP Pump — Is This Just the Beginning?
XRP maintained an upward trajectory on Thursday morning, adding more gains to Wednesday’s breakout move. The cryptocurrency traded for $2.4466 at the time of writing, reflecting a 2.36% rally in the early hours of Thursday. Many analysts expect XRP to ride the crypto market’s bullish sentiment and deliver impressive gains in the coming weeks.
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