Altcoins
First we must overcome this obstacle
Despite a notable 7% increase in XRP today, market experts warn against overly optimistic projections of $100 or $1,000.
A macro trader, known by the pseudonym Crypto Addict, recently Underlines the immediate hurdles XRP must overcome before aiming for higher goals.
Before targeting XRP at $100 or $1,000
According to the trader, the resistance level at $0.7542 has been a significant barrier for XRP, repeatedly interrupting upward moves in a long-term wedge pattern. As seen in the chart he shared, this level has been a major resistance point multiple times over the years, and overcoming it is essential for further price advances.
For example, during the cryptocurrency market bull run in Q1, XRP completed a solo 20% rally On March 11, XRP set a new yearly high at $0.74. However, XRP quickly hit a hurdle and lost momentum to break above the threshold.
Additionally, the analyst noted that XRP’s relative strength index (RSI) is at 66, approaching overbought territory. According to Crypto Addict, a push towards 78 would likely coincide with reaching this resistance level.
However, he stressed that a substantial increase in trading volume is essential to break above $0.7542 and target higher levels.
Notably, XRP recorded a trading volume of $2.98 billion today, a massive 163% increase from the previous day’s figure. While this figure is significant, Crypto Addict believes that more buying pressure is needed to break above the critical resistance level of $0.7542.
Data shows increased demand
Recent data A study by Santiment reveals encouraging indicators for the potential resurgence of XRP in the face of current barriers. Notably, there are signs that large investors are accumulating XRP.
More precisely, the number of XRP whales have increased of 2,389 in just five weeks, reaching a total of 279.36K as of July 30, 2024.
The correlation between the growing number of large wallets and the rising price of XRP indicates that the accumulation phase of these investors is contributing to the upward pressure on prices. This trend is a bullish signal that reflects increased demand for XRP and may be linked to the current rise in the price of XRP.
XRP $100 Remains a Target to Watch
Although Crypto Addict believes that $100 or $1,000 is an overestimation, other analysts continue to aim for these ambitious levels. For example, Javon Marks, an expert analyst, recently shared the possibility of a significant breakout in XRP price to levels between $100 and $500.
He noted that XRP is approaching a critical point in a symmetrical triangle pattern. If XRP manages to break out of this situation and continue it fully logarithmically, Marks suggests that it could emulate its 2017 performance.
According to his analysis, such a break could potentially increase XRP Value Increases More Than 300-Foldlikely reaching prices in excess of $150.
Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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