- Egrag Crypto pointed out in a recent tweet that the XRP price is facing a major resistance at around $0.80.
- XRP could now either break through the $0.80 mark, or consolidate, predicted the trader.
- At press time, XRP was worth about $0.5263 after a 0.30% price increase.
In a recent Twitter post, the crypto analyst, Egrag Crypto, referred to the fact that XRP (XRP) has displayed a highly bullish trend over the past few weeks, consistently closing above the 20-week moving average. However, a significant resistance level lies at the $0.80 range, which traders and investors will want to keep an eye on.
The analyst pointed out that this is reminiscent of the behavior observed during the previous cycle around $0.008. Breaking through this critical level, which is referred to by Egrag Crypto as the “’Final Wake Up Line,” requires substantial momentum, which could potentially stem from positive news related to the ongoing XRP vs SEC lawsuit.
The ultimate question now revolves around whether XRP will undergo a powerful surge and close above $0.80 or follow a pattern akin to the previous cycle, entailing a consolidation phase. Such a scenario may unfortunately lead to considerable discomfort for XRP holders.
CoinMarketCap indicated that XRP was trading hands at $0.5263 at press time after the remittance token saw a 0.30% price increase over the past 24 hours. As a result, XRP was able to strengthen against both market leaders, Bitcoin (BTC) and Ethereum (ETH), by about 0.42% and 0.40% respectively.
The altcoin’s price boost also succeeded in pushing its weekly performance even further into the green at +11.21%. Meanwhile, XRP’s 24-hour trading volume experienced a loss of more than 30% over the past day, and stood at $593,361,829.
Its market cap of $27,361,214,847 meant that XRP was ranked as the 6th biggest crypto in terms of market cap. This placed it right behind USD Coin (USDC) in the 5th position and in front of Cardano (ADA) which was ranked 7th.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
