XRP's Pullback Presents Opportunity for Upside Breakout

XRP has been experiencing a pullback since September 23, but an analyst believes the token's larger trend still points up. The recent drop made a fresh low on Friday, completing a textbook correction pattern, according to the analyst. However, a confirmed reversal has not yet been seen.

The analyst points to two key levels that XRP must break before a potential upside breakout can occur. The first is $1.56, the last swing high, and the second and more significant hurdle is $1.66, which marks the start of a wide resistance zone that runs from $1.66 to $2.80. XRP has reacted at this level in February, March, and May.

If XRP clears $1.66, the next levels to watch are $1.94, $2.14 to $2.99, and a long-term projection of $11 and above. However, the analyst stresses that this is not a level XRP must reach and that the rally from the August low must develop into a larger five-step advance.