XRP Surges Past Resistance but Faces Long Haul to $5.40

XRP has jumped about 7% to trade around $1.61 on Wednesday, pushing it into a price zone that could determine whether its latest recovery develops into something larger.

Veteran trader Peter Brandt has mapped out a long-term path towards $5.40 for XRP, but getting there would require the cryptocurrency to absorb a substantial block of supply around current levels.

The immediate question is therefore not $5.40, but whether buyers can hold the breakout they have reached at $1.60, where about 2.5 billion tokens changed hands, according to analyst Ali Martinez.

Martinez previously identified $1.60 as a major profit-taking zone, and recent whale accumulation has strengthened the bullish case for XRP, with large holders accumulating about 1.54 billion XRP over 96 hours.