XRP’s recent 7% increase has sparked optimism, but market experts urge caution regarding predictions of reaching $100 or $1,000 soon. According to a macro trader on X known as Crypto Addict (@xAllinCrypto), XRP has several critical challenges to overcome first.
Crypto Addict asked the community to put $100 (16,500%) to $1,000 (166,500%) projections aside. He pointed at a major obstacle for XRP at the $0.7542 resistance level, which has been a significant barrier to upward movement.
This resistance level has repeatedly hindered price growth, forming a long-term wedge pattern. For instance, during the crypto market rally in early 2024, XRP reached a yearly high of $0.74 on March 11, following a 20% increase. However, the momentum stalled as it approached the $0.7542 resistance level.
Crypto Addict notes that XRP’s Relative Strength Index (RSI) is at 66, close to the overbought range. An RSI level of 78 would likely align with hitting this resistance point. He emphasizes that XRP needs a significant increase in trading volume to break through this barrier before advancing.
At press time, XRP’s trading volume was at $2.41 billion, following a previous day’s surge to almost $3 billion. Crypto Addict believes this additional buying pressure is necessary to overcome the $0.7542 resistance level.
Rising Demand and Investor Interest
Despite these challenges, Santiment offered hope for XRP bulls in a post on X. The number of XRP whales with at least 10,000 XRP has surged by 2,389 in just five weeks, reaching 279,360 wallets as of July 30, 2024. This increase in whale accumulation correlates with upward price pressure, indicating growing demand for XRP and potentially contributing to the recent price surge.
Crypto Addict believes the logical targets for XRP are within the $5, $7, and $10. However, he noted that XRP still has a long way to go before reaching those targets. Although he dismissed the $100 to $1,000 range, other analysts have shared more favorable targets for XRP.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Common Sense Crypto (@TheCSCrypto), a prominent crypto analyst on X, recently predicted a 16,500% surge for XRP that would see it reach the $100 range.
The analyst listed seven factors that could send XRP to this target, including real-world asset tokenization on the XRP Ledger (XRPL), reduced demand, the end of the legal battle with the U.S. Securities and Exchange Commission (SEC), and more.
The rising demand from whales is a promising sign, indicating potential for continued growth. However, achieving a $100 price level or more will require sustained momentum and investors’ interest.
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.
Follow us on Twitter, Facebook, Telegram, and Google News
