XRP has exhibited significant bullish momentum recently, potentially signaling a period of significant price appreciation. EGRAG CRYPTO (@egragcrypto), a prominent analyst on X, shared an analysis of XRP’s price on the 3-day chart showing how the digital asset can climb to greater heights.
A crucial development for XRP was its breach of the $0.5 resistance level. The analyst initially listed a breach of the $0.5 level and the 99-day Moving Average (MA) as requirements for a price surge.
This technical indicator suggests a shift in market sentiment, potentially favoring bulls. These combined factors hint that XRP might be poised for a breakout from its current trading range.
Read Also: Analyst Says ‘Monster XRP Pump’ Is Coming. But When?
A Further Price Increase
After XRP crossed the $0.5 level and the 99-day MA, EGRAG CRYPTO posted a follow-up, emphasizing the importance of XRP closing above the $0.55-$0.58 range on a three-day candle chart as the next step.
In his tweet, he noted, “I feel the #XRP monster is hungry for standalone feast & will suck all the liquidity as the only digital asset with legal clarity and regulatory.”
According to EGRAG CRYPTO, achieving this feat could pave the way for a mega pump. Another prominent analyst recently stated that XRP’s current price is the final buying opportunity, and EGRAG CRYPTO showed the path XRP could take to finally breach the $1 level.
When asked what the next resistance levels are, EGRAG CRYPTO mentioned the $0.75 and $1 levels, suggesting XRP could be on its way to these targets and potentially breach them.
Regulatory Clarity and XRP’s Advantages
Beyond technical analysis, some proponents of XRP believe the token possesses a unique advantage within the cryptocurrency landscape. Unlike many other digital assets, XRP is the only altcoin with full regulatory clarity in the U.S.
Many believe this regulatory clarity could position XRP as a prime candidate for widespread institutional adoption. EGARAG CRYPTO pointed this out in his original post as the reason XRP can capture significant liquidity in the digital asset market.
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Read Also: Analyst Projects 7,000% XRP Rally To $139 if it can Breach This Key Resistance
As institutions increasingly explore the potential of cryptocurrencies, the regulatory clarity surrounding XRP could act as a significant draw, potentially leading to a surge in demand and subsequent price increases.
This influx of institutional investment could lead to XRP absorbing substantial liquidity within the cryptocurrency market, potentially further fueling its price appreciation.
Crypto pundits are calling on the cryptocurrency community to buy XRP, and the impending price surge is more than enough reason to invest in this digital asset.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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