XRP Could Experience a Major Uptick in Price, Says Crypto Analyst
A crypto analyst has provided hope to XRP holders by predicting a significant increase in the token’s price. However, there are certain resistance levels that XRP must overcome for this rally to occur.
$0.55 is Critical for XRP’s Journey to $1
In a recent post on their X platform, the analyst known as Egrag stated that the XRP god candle was coming. They believe that if XRP can close its weekly candle above $0.55, it will be ideal for the token to revisit that support level in the following week. This would confirm that a rebound is imminent and increase the likelihood of XRP reaching $1.
Egrag had previously mentioned $0.65 and $0.55 as critical levels for XRP’s upward trend. Breaking the resistance at $0.65 would indicate a bullish trend and potentially lead to a retest of the range between $0.55 and $0.58 before a rebound towards $1 or higher.
Fundamentals Also Play a Role
Egrag is bullish on XRP due to its fundamentals. Ripple recently announced that the Dubai Financial Services Authority had approved XRP under its virtual assets regime. This approval allows licensed firms in the Dubai International Financial Centre to offer XRP on their platform, increasing demand for the token and positively impacting its price.
Another analyst, CrediBULL Crypto, believes that XRP’s fundamentals are strong and that its lackluster movement is primarily due to low liquidity in the crypto market. He predicts that if XRP can break out from the resistance level around $0.63, it could reach $0.9.
At present, XRP is trading at around $0.60, experiencing a slight decline of nearly 1% in the last 24 hours.
Hot Take: XRP’s Potential for Growth
XRP holders have reason to be hopeful as a crypto analyst predicts a major uptick in the token’s price. Overcoming resistance levels and closing weekly candles above critical thresholds are crucial for XRP’s journey towards $1 or even higher. Additionally, positive fundamentals, such as regulatory approval and increasing demand, contribute to the bullish sentiment surrounding XRP. While the current market shows a slight decline, there is potential for significant growth in the future.
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