XRP, the native cryptocurrency of the open-source XRP Ledger (XRPL), broke through significant resistance on Wednesday, sparking optimistic sentiment. Cryptocurrency analysts monitoring this digital asset believe that the latest move will push the price of this cryptocurrency significantly higher.
A prominent XRP supporter with a large following on X believes that this move marks the beginning of 'XRP season.' According to XRP users, this cryptocurrency will continue to rise and reach a target of $4.35 by the end of July.
XRP has now surpassed the resistance level of $2.35, a price point that had held back its value for the past six weeks. This cryptocurrency has attempted to break through this level multiple times but faced downward pressure. However, the momentum from the spike on June 22 has pushed XRP past several resistance levels, including established Fibonacci resistance levels.
Achieving the new target of $4.35 means that XRP will nearly double its current price and reach a new all-time high in the coming weeks. To do this, this cryptocurrency will also need to overcome more notable barriers, including historical resistance levels and other psychological price thresholds. Notably, the current price increase of XRP aligns with the overall bullish trend of the cryptocurrency market, especially for large-cap coins.
Bitcoin, the largest cryptocurrency by market capitalization, surged 3.24% on Wednesday, reaching an all-time high of $112,040. Other leading cryptocurrencies, including Ethereum, ADA, and SOL, also experienced notable price increases. For example, ETH rose nearly 8% to surpass the psychological resistance level of $2,800, while ADA exceeded the resistance level of $0.6 with a 7% price increase before closing the trading session on Wednesday.
XRP maintained its upward momentum on Thursday morning, continuing the upward trend following Wednesday's breakout. This cryptocurrency was trading at $2.4466 at the time of writing, reflecting a 2.36% increase early Thursday morning. Many analysts expect XRP to continue the optimistic sentiment of the cryptocurrency market and deliver impressive growth in the coming weeks.