Don’t Bet on XRP Reaching $1,000 Before This Key Hurdle: Analyst Warns
coinedition.com 31 July 2024 20:24, UTC XRP experienced an over 10% price surge today, re-entering the $0.65 threshold after four months, stirring wild optimism regarding its price trajectory. However, some market analysts advise against overly ambitious predictions of $100 or $1,000, as the asset still faces resistance levels that must be overcome.
Macro trader Allin, known as “Crypto Addict,” recently highlighted the immediate challenges XRP must face before aiming for higher targets. According to the analyst, the $0.7542 level has consistently acted as strong resistance within a wedge pattern over the years.
First remove all the #XRP $100 – $1K bros. We have some actual obstacles to overcome here. $XRP $0.7542 ish has been a big resistance level many times inside the wedge over the years. RSI is 66 and a push up to 78 or so gets us there. We need volume to come in at that moment to… pic.twitter.com/dGNIPqpqux
— Crypto Addict (@xAllinCrypto) July 30, 2024
The analyst noted that with XRP’s relative strength index (RSI) currently at 66, a further push to around 78 would be necessary to reach this critical resistance point. This level has repeatedly discontinued XRP’s upward movements, making it a significant barrier to overcome.
For example, amidst the bullish surge in the crypto market during the first quarter, XRP achieved a notable 20% increase on March 11, reaching a new yearly peak of $0.74. However, XRP then faced a challenge and struggled to maintain momentum to break through that level.
In addition to this resistance level, analyst Allin emphasized the necessity of increased trading volume to reach the real targets. “It’s nice to see positive price movement, but it brings me little joy. We have a long way to go to hit the $5, $7, and $10 marks,” he remarked.
Interestingly, XRP recorded a trading volume of $2.4 billion today, a substantial 32% increase from the previous day’s amount. Despite this, Crypto Addict believes that even more buying pressure is required to overcome the crucial $0.7542 resistance level.
Meanwhile, recent statistics from the intelligence platform Santiment highlight promising signs for XRP’s potential. Large investors, known as XRP whales, are notably accumulating XRP, with the number of XRP whales rising to a total of 279,360 as of yesterday. This increase in large wallets coincides with XRP’s price surge today, suggesting that the accumulation by whales is driving upward price pressure.
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