XRP, the seventh-largest cryptocurrency, is surging in price. Analyst Cheeky Crypto discusses whether it's on the verge of a major breakout or a potential correction.

📈 Ready for a Breakout?

XRP recently dropped over 4% from $0.63, suggesting more declines might be possible. However, if it can close above $0.65 consistently, XRP could hit $1 soon. In a bearish scenario, support is around $0.45.

📊 Short-Term Analysis

After reaching $0.63, XRP pulled back and is now targeting a range of $0.5993 to $0.6280. To turn bullish, it needs to rise above $0.6184, with key moving averages playing a crucial role.

📉 Medium-Term Outlook

XRP is in a five-wave decline pattern, possibly dropping to $0.51-$0.52 unless it breaks above $0.64. Increased selling pressure hints at persistent bearish momentum, but a rebound could signal a reversal.

📅 Long-Term Perspective

XRP's daily chart shows it between support at $0.3346-$0.3575 and resistance at $0.6424. Projections for 2025 remain bullish, with targets between $5.59 and $11.25. A rise to 75-85 cents could be delayed due to current market conditions and waning interest.

🔍 Conclusion

XRP is at a critical point; one wrong move could be costly. Despite short-term volatility, the long-term outlook is positive. Watching the resistance at $0.6424 and support around $0.51-$0.52 will be key for future trading decisions.