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Kriptoteka > Market > Bitcoin > Analyst: $0.75 is Key Target for XRP’s Path to $1
Bitcoin

Analyst: $0.75 is Key Target for XRP’s Path to $1

marcel.mihalic@gmail.com
Last updated: September 17, 2024 8:36 pm
By marcel.mihalic@gmail.com 4 Min Read
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This article is also available in Spanish.

The price of XRP has seen a significant increase in recent days amid the broader movements of the cryptocurrency industry. As of this writing, many digital assets are beginning to retract their weekly gains following Bitcoin’s inability to surpass $60,000 on Monday. Nevertheless, XRP remains resilient, posting a 2.23% increase over the past 24 hours. This upward movement has ignited conversations among crypto enthusiasts regarding the possibility of a major breakthrough.

Analyst Pinpoints $0.75 As A Key Target

EGRAG CRYPTO’s focus on the $0.75 price point for XRP is derived from an XRP/USD price chart on a weekly candlestick timeframe, which he showcased on the social media platform X. Interestingly, this latest observation is an update to his XRP analysis from January 2024. This assessment delves into XRP’s price structure, sentiment indicators, MACRO range, and psychological zones, emphasizing critical price levels. The most significant areas include the MACRO range, beginning at $0.71, and the psychological zone at $0.932.

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According to crypto analyst EGRAG Crypto, the vital resistance point for XRP is $0.75, which could determine its pathway to $1. As EGRAG mentioned, all these levels can be overcome with just one strong daily candle, particularly highlighting $0.75. For XRP, the $0.75 level resides within the MACRO range.

Notably, XRP has not yet managed to exceed $0.75 this year, with its peak so far being $0.718. If the cryptocurrency can close above this threshold on a weekly basis, it may open the doors for a larger price rally.

XRP price
Source: X

Can The XRP Price Maintain A Rally To $1?

At present, the XRP price is trading at $0.5851, maintaining a gain of 8.4% over the past week. From the latest updates, EGRAG indicated that the journey towards $1 is still active, with XRP on the verge of a significant breakout.

Though EGRAG emphasized the $0.75 price as the most critical for a potential breakthrough, there are other resistance levels that must be navigated first. Reviewing the XRP price chart reveals that XRP has remained below $0.62 since March, having tested this level at least six times since then without a successful breakout.

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From a technical standpoint, $0.62 has become a crucial price level, representing a short-term barrier that XRP bulls must surmount before aiming for the $0.75 resistance. A clear move past these levels would indicate strengthening buying interest and could potentially signal a drive towards $1.

On the fundamental side, XRP is gearing up for a push towards the $1 level, particularly in light of recent developments within the XRP ecosystem. One notable event is Grayscale’s announcement of the first XRP trust in the United States. This has spurred speculation that an XRP ETF might be launched shortly. Another significant update is the relisting of XRP on the European version of Robinhood.

XRP price chart from Tradingview.com
XRP price still above $0.58 | Source: XRPUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

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