Ripple’s (XRP) effort to regain the $1 price stands out as one of the toughest struggles in the crypto market. However, efforts to achieve this goal were constantly faced with tight market resistance and market fluctuations.
The crypto asset was last traded above $1 in December 2021 and its price has been on a downward trend since then. First, in March 2022, XRP attempted to regain the $1 level by rising to $0.9121, but this increase failed to reach its goal, encountering resistance around $0.91. The next significant step came in July 2023, and following a ruling in the legal battle between Ripple and the SEC, XRP made another effort to surpass $1, rising as high as $0.93. However, the market failed to meet expectations and XRP could not reach the desired level despite general market trends.
XRP’s efforts to overcome the $1 resistance continue under the influence of legal uncertainties as well as market dynamics. Important legal processes such as the SEC lawsuit are among the main factors affecting the price of XRP. Additionally, the general course of the market and the performance of other crypto assets also affect the price movements of XRP.
During this difficult period, market analysts and experts make various predictions about the future of XRP. Some analysts, such as Tylie Eric, evaluate the short-term potential of XRP and predict a significant price increase. Eric’s recent to the analysis Accordingly, the XRP price is expected to recover to the $1 price zone in the coming days. This forecast is based on analyst’s market data on the 4-hour chart.
#XRP.
I’m looking for a potential 60% pump in the next 9 days or so to kick things off. pic.twitter.com/nxDwMVJv7t— Tylie E (@TylieEric) March 28, 2024
NEWS CONTINUES BELOW
Looking at the chart, it can be seen that XRP is consolidating within a certain price range and moving around certain support and resistance levels in this process. However, it is observed that despite the $0.55 support that XRP strongly defends, it has difficulty in exceeding the $0.70 resistance level and therefore trades in a certain price band.
Tylie Eric’s analysis suggests that XRP is trading in an expanding channel pattern and is preparing to break through the upper trend line of this channel. If this happens, XRP is expected to register an impressive price increase over the next nine days. Tylie predicts that the cryptocurrency will eventually rise to $1.0096, which would represent a 61.37% increase from its price at the time of analysis.
The price of XRP has not witnessed any significant change since then, currently trading at $0.6256. Amid the recent movements, Ripple has been trading within a symmetrical triangle since falling from $0.7449 on March 11. The token could influence the direction of a breakout near, above or below the top of the triangle.
You can access current market movements here.
Source : the crypto basic