XRP has been resilient against bearish pressure, firmly protecting the support level at $0.41. It has also made a notable breakthrough by surpassing the $0.50 mark, marking its highest monthly level. In order to maintain a bullish trend, according to the insights shared by Egrag, a proficient analyst, XRP must successfully conclude a trading session above $0.55.
In Egrag’s most recent analysis, he emphasized that XRP is currently adhering to the “Yellow Track,” which is one of three predetermined paths he previously outlined. By following this trajectory, XRP is positioned to achieve higher price peaks daily, aiming to regain the Fibonacci point at 1.0, located around the $0.55 level.
Based on Egrag’s analysis, the Yellow Track is expected to offer the quickest path for XRP to surpass the targets of $0.55 and $0.58. The analyst emphasized that favorable advancements in the legal dispute between Ripple and the US Securities and Exchange Commission (SEC) will act as a catalyst, providing the necessary backing for XRP to sustain its upward trend.
Nevertheless, Egrag pointed out that for XRP to maintain its momentum, it is crucial for the asset to achieve a closing price above both the $0.55 and $0.58 levels on either the daily or 3-day timeframe. Based on the chart data, the initial target price is $0.5544.
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XRP Price Continues to Rally, May Surpass $0.50 Resistance
Similarly, Morecryptoonline, a technical analyst, pointed out that XRP is currently edging closer to a resistance zone ranging from $0.4973 to $0.5472. The analyst emphasized that this range corresponds to the Fibonacci resistance points for Wave 2, specifically spanning from Fib 0.5 to Fib 0.786.
According to him, if XRP manages to surpass the resistance zone defined by the Fibonacci points, it would signify that the asset has potentially reached its significant low point. This breakthrough would indicate a transition into Wave 3, suggesting a new upward movement phase for XRP.
It is worth emphasizing that XRP has recently overcome the resistance at $0.4973 and is currently trading in a precarious position within the $0.50 range. This marks the first time XRP has entered this price range in a month, but there is a looming risk of sudden displacement or a potential downside move.
A recent report revealed that the surge in XRP’s momentum can be attributed to a significant increase in the number of daily active addresses.
This trend is reminiscent of the pattern observed before the previous significant price surge experienced by XRP. XRP is being traded at $0.5017, reflecting a 4.72% rise over the past 24 hours.