XRP ($2.40) is being closely watched. Market analyst King Solomon has highlighted a crucial monthly close level that could lead to a significant price surge. The analyst’s insights come as XRP consolidates following an impressive rally last week.

XRP’s Recent Surge and Consolidation Explained

XRP recently experienced a substantial price increase, moving from $0.55 on November 9 to a peak of $1.26 on November 16. This marked an impressive 129% rise in just a week, enabling XRP to reclaim the $1 level for the first time in three years.

After reaching the $1.26 high, XRP faced resistance, leading to a pullback. Despite this, the $1 level has been fiercely defended by bulls, who are waiting for the next move upward. Currently, XRP remains in a consolidation phase, trading between $1.006 and $1.19.

Why $1.35 Is a Crucial Level for XRP

According to King Solomon, XRP must secure a monthly close above $1.08 to ignite the next bullish run. This level is pivotal for triggering an “absolute rocket” in price movement.

While XRP currently trades at $1.1020, a drop below $1.1 could hinder its upward momentum. To be cautious, the analyst raised the target to $1.35, aligning it with the Fibonacci 1.618 level at $1.3457. Achieving this would set XRP up for further gains before the end of November.

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Potential XRP Price Targets Above $1.35

If XRP successfully holds above $1.35, analysts suggest it could aim for higher levels. Previous predictions indicated that breaching $1.3457 would open the path to $1.87 at Fibonacci 2.618. Beyond this, a push above $1.96, which was the 2021 peak, could lead to explosive growth, with a potential target of $2.4

.

Bull Flag Formation Indicates Possible Breakout

On the daily chart, XRP has formed a bull flag pattern, characterized by a consolidation phase following its sharp rise to $1.26. This pattern suggests a potential bullish breakout if the resistance at $1.13, the upper Bollinger Band level, is overcome.

If no immediate rally occurs, XRP might continue consolidating within the pennant for several more days. However, a breakout from the pattern could position XRP to target $1.35 as its next key level.

XRP Holds Strong Amid Market Optimism

The recent rally and consolidation have reinforced bullish sentiment for XRP. Analysts agree that defending critical support levels like $1.1 and achieving a monthly close above $1.35 will be essential for further gains.

As the cryptocurrency market evolves, XRP’s price trajectory could become a major focus for investors aiming to capitalize on its potential rally. With less than nine days left in November, XRP’s performance in the coming days will be closely monitored.

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