XRP Halts at $1.60 as Analysts Eye Distant Target of $5.40

XRP's price has recovered almost 79% of its decline from $1.70 to $1.25, but it has paused just below $1.60.

This level was also a barrier in August, when XRP initially pulled back toward the mid-$1.40s before breaking through and reaching $1.70.

The token's recovery from its September 16 low of approximately $1.245 has been swift, but it still needs to clear $1.60 and reclaim the August high near $1.70 before a distant level such as $5.40 becomes relevant.

According to Peter Brandt, veteran trader and analyst, the structure of XRP's price action implies an eventual advance to $5.40 on a multi-year monthly chart.