Strong Support Levels Could Propel XRP to $0.90, Says Analyst
XRP is currently being discussed for a potential bullish price movement, with notable analyst Mr. Cryptosis presenting an analysis highlighting a possible move towards $0.9. This projection is based on strong community support, extensive partnerships with banks, and speculation about the potential introduction of an Exchange-Traded Fund (ETF) for XRP.
Overview of the Technical Analysis
The analyst shared on their official X account, the chart which identifies a strong support zone around $0.40, marked in orange, which has been tested several times, indicating significant buying interest. Currently, XRP is trading at $0.44, in proximity to this support level. Historical data suggests that rebounds from this support zone have led to substantial upward movements.
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A projected bullish trend, illustrated by a green line, suggests the likelihood of the price rising towards or possibly surpassing the resistance zone ranging from $0.80 to $1.00. This resistance level has historically acted as a significant area of focus for price rallies.
Financial Institution Partnership and Collaboration
XRP has formed numerous partnerships with financial institutions globally, which has strengthened confidence in the cryptocurrency. For example, Simon McLoughlin, CEO of American exchange Uphold, disclosed that major financial institutions are using cryptocurrencies like XRP for global fund transfers.
McLoughlin emphasized Uphold’s involvement in Ripple’s ODL network, a cross-border payment solution that uses cryptocurrencies like XRP to facilitate large treasury movements for multinational companies.
Speculations About XRP ETF and Bullish Sentiment
Speculation regarding a potential XRP Exchange-Traded Fund (ETF) could serve as a significant catalyst for price movement, according to Mr. Cryptosis. Ripple President Monica Long has also advocated for an XRP spot ETF in the U.S. market, pointing to XRP’s consistent presence among the top 10 cryptocurrencies and its ranking as the seventh most valuable cryptocurrency.
Other analysts have also projected an upward trajectory for XRP, which is currently 87.03% below its all-time high. Crypto Bitlord, a respected figure in the crypto space, recently stated that XRP is on the verge of a substantial price impact, despite its recent lackluster performance.
While some other altcoins have approached their previous all-time highs, XRP has lagged behind. However, growing institutional support and ETF speculation indicate the potential for a significant price surge for XRP in the near future.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
