In a recent development, a crypto analyst has provided hope to XRP holders as they predict that the token could see a major uptick in its price soon. However, they highlighted certain resistance levels that it must overcome for that to happen.
$0.55 A Critical Level For XRP’s Road To $1
In a post shared on their X (formerly Twitter) platform, Egrag noted that the XRP god candle was coming. While sharing an accompanying chart, which served as the basis for the projection, the analyst stated that the request for a price of $0.65 is still ongoing. In spite of that, they remain bullish on the token.
As to how the major uptick could play out, Egrag prefers that the token concludes its weekly candle above $0.55. If that happens, they believe it will also be “ideal” for the crypto token to revisit that support level in the following week, as that would be confirmation that “a rebound is imminent” and that XRP hitting $1 is likely to occur.
In an earlier post, the analyst had spoken about a potential rebound from XRP in support of their bullish sentiment. They also highlighted $0.65 and $0.55 as critical levels for the crypto’s upward trend.
According to Egrag, XRP breaking the resistance level at $0.65 will indicate a bullish trend. If that happens, they expect the token to retest the range between $0.55 and $0.58 before a rebound, which would see the token hit the $1 mark and even go higher.
Fundamentals Also Contributing To Bullishness
Egrag is also bullish on XRP because of the fundamentals surrounding the token. One of them happens to be the fact that Ripple recently announced that the Dubai Financial Services Authority (DFSA) had approved the token under its virtual assets regime.
That development ultimately paves the way for licensed firms in the Dubai International Financial Centre to offer XRP as one of the virtual assets on their platform. Such a move is expected to increase the demand for the token, which positively affects its price.
Another crypto analyst, CrediBULL Crypto, had earlier stated that XRP’s fundamentals are looking stronger and that what was affecting the crypto token’s tepid movement was simply the lack of liquidity in the crypto market. Almost similar to Egrag’s projections, he believes that the cryptocurrency could hit $0.9 if it is able to break out from the resistance level at around the price range of $0.63.
At the time of writing, XRP is trading at around $0.60, down by almost 1% in the last 24 hours, according to data from CoinMarketCap.