XRP Seeks Breakout Above $1.66 for Upside Targets
XRP has been pulling back since September 23, but an analyst believes the token still has an upside breakout potential. The analyst notes that both recent pullbacks were slow and choppy, which he reads as a sign that the larger trend still points up. The latest drop made a fresh low on Friday, completing a textbook correction pattern, but there is no confirmed reversal yet.
The analyst identifies two key levels that XRP must break to confirm the upside breakout. The first level is $1.56, a decisive move above the last swing high here would indicate that the pullback is over. The bigger hurdle is $1.66, which marks the start of a wide resistance zone that runs from $1.66 to $2.80. XRP reacted at this level in February, March, and May.
If XRP clears $1.66, the next levels to watch are $1.94, and the analyst's main target zone of $2.14 to $2.99. However, the analyst stresses that this is not a level XRP must reach, and a long-term projection of $11 and above only comes into play if the rally from the August low develops into a larger five-step advance.
The analyst warns that XRP still has room to fall inside the $1.32 to $1.49 zone, and a drop below it would force a rethink of the outlook.