XRP Approaching Year-Long Resistance Point; Breakout May Result in ‘Parabolic Pump’

XRP looks to embark on a “parabolic pump” as it approaches the $0.60 crucial resistance point it has continuously traded under for over a year.

Since dropping below $0.60 in May 2022, XRP has faced opposition in every attempt to recover the price territory. Despite the shenanigans from the bears, the asset has continued to hold the $0.50 position, looking to leverage it for its next run. XRP is now approaching the year-long resistance point, with a breakout expected to result in a massive run.

In a recent tweet, MichaelXBT, a crypto analyst and trader, drew public attention to this bullish situation. Sharing a daily XRP chart, Michael emphasized that XRP is currently closing in on a significant resistance point it has continuously traded under for a year.

According to him, should the asset stage a breakout from this resistance, it would result in a “parabolic pump.” The chart indicates that XRP has observed fierce resistance at the $0.60 level. Notably, XRP dropped below this level on May 7, 2022, amid a free fall that began the previous month.

Since slipping below this territory, all efforts at recapturing it have proven futile due to the potency of the bearish resistance. The closest XRP got to conquering this resistance was in late March, when it soared to a high of $0.5850. Exhaustion of its solo run saw the bears take control of the scene at that point.

XRP Sets Stage for Another Run

Although it led to a 64% gain, XRP’s previous rally could not reclaim the $0.60 zone due to a lack of support. XRP is now setting the stage for a similar run as it looks to leverage the support of a ruling from the Ripple vs. SEC case. Several industry leaders have forecasted a final judgment to come up this month.

Michael believes XRP would engineer a massive pump when it breaks out of the resistance. While the analyst has failed to disclose his price targets for this projected pump, he continues to stress its importance. 

“XRP HOLDERS – NOW IS YOUR TIME! I will lead you to the promised lands. The breakout will be biblical,” Michael remarked in a follow-up tweet. He likened the breakout to the biblical story of Moses parting the Red Sea for the once-captive Israelites to sail to the Promised Land.

XRP has been posting gains in the past few days as part of its efforts at preparing the ground. As disclosed by The Crypto Basic, XRP outperformed the rest of the crypto market over the last 30 days with a 12.8% increase. 

DustyBC, a prominent crypto YouTuber, highlighted today that XRP is the best weekly performance among the top 10. Notably, XRP is the only asset in green territories on the top 10 list of largest cryptocurrencies in the past seven days. 

#XRP Best Weekly Performer In The Top 10! pic.twitter.com/CCOQhxv0DT

— DustyBC Crypto (@TheDustyBC) June 9, 2023

XRP is trading for $0.53 at the time of reporting, up 1.64% in the last 24 hours. Egrag, another crypto analyst, previously disclosed that XRP would need to close above $0.55 on the daily timeframe to see a bullish continuation.