XRP Hits Key Resistance Zone After 7% Surge to $1.61

XRP surged by about 7% on Wednesday to trade around $1.61.

This price action pushed XRP into a key resistance zone that could determine whether its recent recovery gains momentum or stalls.

Veteran trader Peter Brandt has mapped out a long-term path towards $5.40, but reaching this target would require XRP to absorb a significant amount of supply around current levels.

XRP has now reached the $1.60 level, where analysts had previously identified substantial supply changes hands.

Ali Martinez noted that around 2.5 billion tokens changed hands at this price zone, making it a key area for profit-taking.

The bullish case for XRP is strengthened by recent whale accumulation, with large holders acquiring about 1.54 billion XRP worth $2.2 billion over the past 96 hours.

However, to break through resistance and sustain the rally, buyers would need to absorb the released supply around $1.60.