XRP Bulls Gear Up for $2 Target Amid 52% Weekly Rally

XRP has seen a sharp rebound in valuation over the past week, jumping by 52%. Analyst Cryptoinsightuk believes this momentum could extend towards $2 if bulls defend a key support zone.

The key support zone of interest for Cryptoinsightuk is the $1.36-$1.43 range, which has been repeatedly defended by buyers following XRP's move to $1.70. The analyst notes that subsequent retests have also held, potentially establishing a series of higher lows and setting up a higher-low structure.

Cryptoinsightuk acknowledges that XRP could instead be forming a deeper ABC correction if it fails to hold this support zone. However, the analyst believes continued strength in Bitcoin (BTC) and Ethereum (ETH) could provide enough market-wide momentum for XRP to resume its rally.

The analyst warns investors not to underestimate XRP's ability to make rapid moves during periods of expanding crypto volatility, pointing to 2017, 2021, and 2024 as examples of such events. If XRP produces another weekly candle similar to last week, Cryptoinsightuk suggests the token could potentially already be trading above $2.