Market expects a push above $0.60; Will this happen on October 7?

Ripple's XRP has shown resilience in the market, outperforming other altcoins. Last week, XRP gained about 8%, and despite a modest 3% increase in performance over the past month, the year-to-date gain is a staggering 177%.

According to analyst Zach Humphries, a chart shows that since 2022, XRP has been trending upward, albeit without a massive spike. This gradual exit suggests that XRP is at a strong price level, and the lack of high volatility makes it attractive with low risk and potential.

Moreover, the XRP community is expected to decide to appeal the recent decision in the case of Ripple, the XRP community is waiting for a significant event scheduled for October 7. Many traders and analysts believe that if XRP can overcome this hurdle, it could trigger a bullish breakout.

The analyst also said that while the altcoin market has not yet fully peaked, XRP is still performing strongly, which has affected the broader market context. With the legal pressures of the SEC subsidy and Ripple's continued development, institutional money may soon move into XRP, realizing its strong use in the cryptocurrency space.

XRP Price Analysis:

XRP has been in a sideways consolidation phase for several weeks now. The price has been moving within the yellow triangle trend lines. If the price breaks out of these trend lines, it may indicate a structural change, but we should see a break above or below key levels.

Key support and resistance levels

In both cases, the withdrawal point is 50.3 cents. If the price holds above this level, we could see further upside. There is also a key Fibonacci support area between 52.2 and 55 cents. For a confirmed breakout, we should see XRP break above the 60-cent level, with the next resistance levels at 63.2 cents and 64.3 cents.

What should be seen next

Watch for Fibonacci support levels: 51.5, 52.2, 53.8 and 55 cents. A break above the 60-cent level indicates a bullish breakout.