The price of XRP has seen a significant rise in recent days, amidst broader movements within the crypto industry. As of now, many cryptocurrencies are beginning to reverse their seven-day gains due to Bitcoin’s inability to break above $60,000 on Monday. Nonetheless, XRP remains resilient, logging a 2.23% gain over the past 24 hours. This upward trajectory has ignited discussions within the crypto community about the potential for a notable breakthrough.
An analyst has identified $0.75 as a crucial target for XRP. The analysis by EGRAG Crypto, shared on social media platform X, centers on the XRP/USD price chart on a weekly candlestick timeframe. This update follows a previous analysis from January 2024 and delves into XRP’s price structural formation, sentiment status, MACRO range, and psychological zones. Key among these are the MACRO range, starting at $0.71, and the psychological zone at $0.932.
According to EGRAG Crypto, the $0.75 resistance level is pivotal for XRP and could determine its path to $1. EGRAG highlighted that this threshold, within the MACRO range, could be surpassed with a strong daily candle. Despite not having breached $0.75 this year, with a peak at $0.718, a weekly close above this level could set the stage for a more substantial rally.
Currently, XRP is trading at $0.5851, maintaining an 8.4% gain over the week. EGRAG noted that the movement towards $1 remains possible, as XRP is positioned for a potential breakout. While $0.75 is deemed critical, other resistance levels also play a significant role. XRP has been trading below $0.62 since March, repeatedly testing but failing to break past this price point. From a technical standpoint, $0.62 is a crucial short-term hurdle that must be overcome before aiming for $0.75. Surpassing these levels would signal increasing buyer strength and could potentially lead to a push towards $1.
Fundamentally, recent events within the XRP ecosystem have also contributed to the momentum towards the $1 mark. Among these events is Grayscale’s introduction of the first XRP trust in the U.S., sparking speculation about a forthcoming XRP ETF. Additionally, the relisting of XRP on the European version of Robinhood has been another significant development.
