The price of XRP has seen a significant rally in recent days amidst the broader context of the cryptocurrency industry. At the time of writing, many cryptocurrencies are beginning to reverse their seven-day gains due to Bitcoin’s failure to break through $60,000 on Monday. However, XRP has continued to hold steady, posting a 2.23% gain in the past 24 hours. This positive price movement has sparked discussions in the cryptocurrency community about potential for significant breach.

Analyst points to $0.75 as key target

EGRAG CRYPTOCURRENCIES attraction $0.75 for XRP is based on the XRP/USD price chart on the weekly candlestick chart that he shared on the social media platform X. Interestingly, the latest development is the update of his XRP January analysis 2024. This analysis focuses on XRP’s structural price formation, sentiment status, MACRO range, and psychological zone, all at critical price zones. The most notable ones are the MACRO range, which starts at $0.71, and the psychological zone at $0.932.

According to cryptocurrency analyst EGRAG Crypto, the key resistance level for XRP is $0.75, which could decide whether or not the journey to $1 succeeds. As noted by EGRAG, all of these levels could be broken by one mighty daily candle, with a focus on $0.75. In the case of XRP, the $0.75 level is within the MACRO range.

Interestingly, XRP has yet to break above $0.75 this year, with its all-time high being $0.718. If the cryptocurrency manages to close above that level on a weekly basis, it could pave the way for a larger price rally.

Will the price of XRP maintain its growth to $1?

At the time of writing, XRP is trading at $0.5851 and is still up 8.4% in seven days. Based on the latest update, EGRAG noted that a move towards $1 is still in play as XRP is poised for a massive breakout.

While EGRAG has only identified the $0.75 price as the most critical for a breakout, there are other resistance levels that are precursors. Looking at the XRP price chart, XRP has been trading below $0.62 since March. Interestingly, the cryptocurrency has tested this price level at least six times since then and has failed to break through it.

From a technical perspective, $0.62 has emerged as a key price point, acting as a short-term hurdle that XRP bulls need to clear before turning their attention to the more significant resistance of $0.75. A clear break above these levels would signal an augment in buyer power and potentially open the door for a $1 campaign.

From a fundamental perspective, the price of XRP is starting to head towards $1 in delicate of recent events in the XRP ecosystem. One such event is The recent unveiling of Grayscale first XRP trust in the US. This move has caused speculation that the XRP ETF will soon hit the market. Another noteworthy development this is a re-quote of XRP in the European version of Robinhood.

Featured image created with Dall.E, chart from Tradingview.com