XRP has entered the second week of September with a notable weekly gain, prompting analysts to monitor the potential for further upward movement.
Among the analysts observing XRP’s performance is Egrag Crypto, who has highlighted crucial price levels. In his recent analysis, he shared an update concerning one of his ongoing analysis series, “The White Flame,” which he first introduced in January.
This analysis focuses on XRP’s ability to surpass critical price zones, which he has labeled Structural Formation, Sentiment Status, MACRO Range, and Psychological Zone. These zones represent resistance points just below the $1 mark for XRP.
According to the update, the most significant price target for XRP remains $0.75, with the potential for further gains.
If XRP closes above this level in the weekly timeframe, it could signal a major breakthrough for the cryptocurrency. Specifically, Egrag emphasized that a single strong daily candle will be sufficient to push XRP past the labeled resistance zone. Based on the update, the analyst stressed that XRP’s direction is now up only.
Symmetrical Triangle Analysis
Supporting this positive outlook is another analyst, Captain Faibik, who has provided a long-term chart analysis of XRP. According to Faibik, XRP has been consolidating within a symmetrical triangle pattern since 2018.
This formation typically signals an impending breakout as the price nears the apex of the triangle. Based on his chart, the analyst projects a potential breakout, with a price target around $2.4. If this occurs, XRP could see a surge of over 299% from its current price levels.
Robinhood’s Quiet Relisting of XRP
In addition to technical factors, XRP’s price received a notable boost following its quiet relisting on the Robinhood platform. Over the weekend, XRP saw a rally above $0.59, approaching the July high of $0.6602.
This spike occurred shortly after XRP was relisted for Robinhood users in the European Union. While the platform has not issued an official statement regarding the relisting, XRP is now available under the name “Ripple (XRP)” for eligible EU customers.
The relisting sparked discussions within the XRP community, particularly regarding the asset’s name, as some community members clarified that Ripple does not control the coin. At present, Robinhood has not extended the support to U.S. customers, leaving uncertainty about future availability outside the EU.
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.
