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The XRP price has seen a remarkable rise in recent days amid the broader backdrop of the crypto industry. At the time of writing, many cryptocurrencies are starting to reverse their seven-day gains as Bitcoin failed to break above $60,000 on Monday. However, XRP remains steadfast, registering a gain of 2.23% in the past 24 hours. This positive price movement has sparked discussions within the crypto community about the potential for significant breakthrough.
Analyst identifies $0.75 as a critical target
EGRAG CRYPTOs highlight of the $0.75 price level for XRP is based on an XRP/USD price chart on the weekly candlestick timeframe, which he shared on social media platform January analysis 2024. This analysis focuses on XRP’s structural price formation, sentiment status, MACRO range, and psychological zone, all in critical price zones. The most notable are the MACRO range, which starts at $0.71, and the psychological zone at $0.932.
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According to crypto analyst EGRAG Crypto, the key resistance level for XRP is $0.75, which could make or break the journey to $1. As EGRAG noted, all these levels can be broken with just one strong daily candle, focusing on $0.75. For XRP, the $0.75 mark is within the MACRO range.
Interestingly, XRP has yet to break above $0.75 this year, with its highest point so far being $0.718. Should the cryptocurrency manage to close above this level on a weekly time frame, it could pave the way for a more substantial price rally.
Will XRP Price Sustain a Rally to $1?
At the time of writing, the XRP price is trading at $0.5851 and is still up 8.4% in seven days. Based on the recent update, EGRAG noted that the move towards $1 is still in play as XRP is poised for a massive breakout.
Although EGRAG has identified only the $0.75 price as the most crucial for a breakout, other resistance levels exist that serve as precursors. Looking at the XRP price chart, XRP has been trading below $0.62 since March. Interestingly, the cryptocurrency has retested this price level at least six times since then and has not risen above it.
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From a technical perspective, $0.62 has emerged as a crucial price point, acting as a short-term hurdle that XRP bulls must overcome before setting their sights on the more important $0.75 resistance. A clear break above these levels would signal increasing buying power and potentially open the door for a push to $1.
From a fundamental perspective, the XRP price is starting to trend towards $1 in light of recent events in the XRP ecosystem. One such event is Grayscale’s recent revelation of the first XRP trust in the US. This move has led to speculation that an XRP ETF will soon come to the market. Another remarkable development is the renewed offering of XRP on the European version of Robinhood.
Featured image created with Dall.E, chart from Tradingview.com