XRP Holds Steady Above $0.50 For 11 Consecutive Days

XRP keeps a $0.50 price point for 11 days continuously.

Despite occasional hurdles stationed by the bears, the XRP has remained above $0.50 price level within this period.

XRP has consistently reclaimed the $0.50 price level for 11 consecutive days despite periodic roadblocks set up by the bears. Each time the asset plummets below $0.50, it has staged a comeback above the zone. This pattern has persisted since March 28. Today on April 8th, XRP is trading at $0.51 at the time of writing.

XRP’s latest run gained steam on March 21 amid speculations that a favorable judgment could be coming for Ripple in the U.S. SEC litigation. The asset surged by 11% in 24 hours and retained its rally. XRP eventually closed at $0.4696 on March 21 with an impressive 25.76% increase, marking its largest intraday gain since the 31.67% surge on April 26, 2021.

Despite this impressive run, XRP could not reclaim the much-coveted $0.50 price point until March 28, when it rallied to a high of $0.5298. Since then, the asset has continued to recapture the $0.50 territory every day as it searches for support on its journey to recover the $0.60 level.

XRP was closest to its $0.60 goal on March 29 when it surged to a 10-month high of $0.58. However, resistance from the bears dwarfed these efforts. The asset finally closed the month of March with a 42.85% increase, its largest monthly gain since September 2022. 

Recall that prominent analyst Egrag asserted that the journey to $1 could only become fruitful if XRP can close above $0.50 on the weekly timeframe. This highlights the significance of staying above the $0.50 level. According to Egrag, if the asset closes above $0.50, it could appreciate to $0.64, which would signal a “mega pump.”

XRP Developments & Price Outlook

In a separate analysis, Egrag recently shared further outlook on XRP’s price action, as he forecasted a surge to $27 by year-end. He noted that the asset’s monthly chart is moving sideways, and a breakout from this consolidation phase would mark “an epic blast.”

#XRP The Seven Arcs To $27:

The #XRP Monthly Chart is so squeezed that the break-out would be epic blast. However, I have targets to watch out before blasting.

The 'ATLAS LINE' is still holding #XRP on the monthly. However, the 'Wake Up Line' must be flipped into support… pic.twitter.com/y8OIrme9Za

— EGRAG CRYPTO (@egragcrypto) April 8, 2023

Nonetheless, Egrag highlighted several targets for the asset before this ultimate blast, including a stratosphere line set up at the $1.3 price. Presently, the atlas line which sits at $0.35 is providing support for XRP’s monthly action, but the asset needs to tower above this and flip the resistance at the wake-up line ($0.62) into its new support. This will serve as a launchpad to the stratosphere line ($1.3).

XRP has been experiencing a surge in demand which should serve as a catalyst to the forecasted run. Addresses holding at least $100,000 worth of the asset recently increased to 13,800. Moreover, The Crypto Basic reported last month that over 50 whale addresses accumulated 420 million XRP in a one-month time frame. Meanwhile, XRP is currently trading for $0.5113, up 1.93% in the past week.