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The price of XRP has experienced a notable surge in recent days against the backdrop of the broader cryptocurrency industry. As of this writing, many cryptocurrencies have begun to reverse their seven-day uptrends as Bitcoin failed to break $60,000 on Monday. However, XRP has continued to hold firm, posting a gain of 2.23% in the last 24 hours. This positive price action has been gaining traction within the cryptocurrency community. Significant potential breakthrough.
Analysts Name $0.75 as Key Target
EGRAG CRYPTO’s highlight XRP’s $0.75 price mark is based on the XRP/USD price chart on a weekly candlestick timeframe that he shared on social media platform X. Interestingly, the latest highlight comes as an update on his XRP. January Analysis 2024. This analysis focuses on the price structure formation, sentiment, MACRO range, and psychological zones of XRP, all of which are located in important price zones. The most notable are the MACRO range starting at $0.71 and the psychological zone starting 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 points out, all of these levels could be shattered by a single strong daily candle centered around $0.75. For XRP, the $0.75 mark is within the MACRO range.
Interestingly, XRP has yet to surpass $0.75 this year, with its highest point so far being $0.718. If the cryptocurrency manages to close above this level within the weekly timeframe, it could pave the way for a larger price rally.
Can the XRP price sustain its upward trend to $1?
At the time of writing, the XRP price is trading at $0.5851 and is up 8.4% over the past 7 days. As of the latest update, EGRAG noted that the move to $1 is still in progress as XRP has had a huge breakout.
EGRAG only mentioned the $0.75 price point, which is the most important for a breakout, but there are other resistance levels that act 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, but has failed to break through.
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From a technical perspective, $0.62 has emerged as a key price point and serves as a short-term hurdle that XRP bulls must overcome before targeting the more important $0.75 resistance. A clear break of this level would increase buyer strength and potentially open the door for a $1 campaign.
From a fundamental standpoint, the XRP price is starting to campaign towards the $1 mark based on recent events in the XRP ecosystem. One such event is: Grayscale’s recent announcement This is the first XRP trust in the United States. This move spark speculation Another notable development is the news that an XRP ETF will soon be launched on the market. XRP relisting About the European version of Robinhood.
Featured image made with Dall.E, charts from Tradingview.com