XRP is looking to conquer the crucial $0.75 resistance to sustain its bullish run, with market watchers setting short-term targets at $1.88 and $5.85.
Top analyst EGRAG first highlighted this crucial resistance level in a recent disclosure on X. In a 1-day chart, the market watcher pointed out that XRP broke above a multi-month descending trendline when it started the latest uptrend on Oct. 28.Â
Notably, this descending trendline has continued to plague XRP since the drop from the $0.8547 high on July 19. The break above the downward line confirmed XRP’s bullish run. However, XRP must conquer certain strong resistance points to keep the uptrend afloat.
According to EGRAG, XRP must register a comfortable close above the $0.7529 point to continue the latest uptrend. Data from an accompanying chart puts the $0.7529 price at the Fibonacci level of 0.5. The next major resistance that stands in the way of a $1 price is the $0.9444 level.
XRP’s Break Above $0.66
Moreover, Dark Defender, another notable market analyst, called attention to previous resistance points conquered by XRP. The analyst also projected XRP’s next trajectory. Dark Defender had set a short-term resistance target on the 4-hour chart at $0.66, which XRP broke when it rallied to $0.6683 on Nov. 5.
The analyst confirmed this bullish move and noted that XRP needs to stay above the $0.66 point. He further stressed that XRP has slipped into overbought territories on the daily timeframe. Data from a 1D chart confirms this, with XRP’s Relative Strength Index (RSI) currently sitting at 78.05.
As a result of the slip to the overbought position, Dark Defender cautioned that XRP might continue to retest the $0.66 zone on daily charts. Despite the possibility of these backtests, the analyst remains confident that XRP will sustain the uptrend.
XRP Targets $1.88 and $5.85
He set up two short-term targets for XRP amid the sustained uptick: $1.8815 and $5.8536. Interestingly, he stressed that XRP needs to seal a comfortable close above $0.6649 before it can aim for the $1.88 position.
While $1.05 and $1.33 are crucial resistance points, Dark Defender noted that they are less potent than $.06649 or $1.88. According to him, the next target at $5.8536 would come into play once XRP surges past the $1.88 price territory.
XRP currently trades for $0.6933, having recently broken above the $0.6650 resistance at the 2.618 Fibonacci level. At the current price, the asset must surge 171% to hit the $1.88 price and 743% to clinch $5.85. A $5.85 price would lead to a new ATH for the asset.
Meanwhile, volume has surged 39% to $3,383,699,698 in the last 24 hours as the market witnesses an influx of traders. XRP’s market cap has also towered above the $37 billion mark, currently at $37,196,511,397. Dark Defender confirmed that the asset is bullish on all timeframes.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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