XRP has recently exhibited significant strength in its price movements, leading an analyst to suggest that the current rebound is markedly different from previous recoveries. In a recent post on platform X, analyst Henry elaborated on this unique price action following XRP“s impressive surge.
Within the last 24 hours, XRP has recorded a gain of 9.55%, climbing over 10% from its low of $1.98 earlier this week. Henry pointed out that this bounce, occurring from a critical trendline support, is particularly noteworthy given the cryptocurrency”s prior struggles with negative price trends.
To provide context, XRP attempted several breakouts above a significant resistance level at approximately $2.28 between November 25 and 29. However, the resistance proved formidable, resulting in a drop back to the support level of $1.98 on Monday. The rapid recovery from this point has led Henry to believe that XRP is signaling its refusal to decline further.
Henry remarked, “Some things in the market don”t shout, they whisper,” suggesting that the current resilience of XRP indicates building strength for a potential upward trend. He noted that this rebound appears cleaner, calmer, and more controlled than previous instances. The recent stability above the psychological $2 mark, despite broader market uncertainties, is viewed by the analyst as a bullish indicator.
Looking ahead, Henry anticipates that this positive momentum could enable XRP to finally break through the $2.28 resistance, with a potential retest of a stronger supply zone at $2.33. At the time of his analysis, XRP was trading around $2.02, and he expected it to reach a target of $2.20, with further upward movement likely thereafter.
Henry also highlighted recent developments within the ecosystem that bolster the optimistic outlook for XRP. Notably, Vanguard, a major asset management firm with $11 trillion in assets, has shifted its stance to allow its vast client base access to XRP ETFs, marking a significant change from its previous skepticism towards cryptocurrencies.
Another factor contributing to XRP“s potential rally is the performance of US spot ETFs focused on the cryptocurrency. Since their debut, these investment vehicles have garnered $824 million in net cumulative inflows, indicating strong institutional interest. Remarkably, all four funds currently available on traditional exchanges—Canary Capital, Bitwise, Grayscale, and the Franklin Templeton XRP ETF—have not experienced any net outflows since their launch, underscoring robust demand.
In conclusion, the combination of market resilience, institutional backing, and positive ecosystem developments suggests that XRP is positioned for a potential price rally, setting the stage for what could be a significant upward movement in the near future.
