In a recent tweet, Egrag Crypto highlighted a significant hurdle for XRP as its price encountered major resistance around the $0.80 level. The trader suggested that XRP could either surpass the $0.80 mark or enter a consolidation phase. As of now, XRP is trading at approximately $0.5263, reflecting a modest 0.30% increase in price.
In a recent Twitter post, Egrag Crypto, a crypto analyst, highlighted the highly bullish trend exhibited by XRP (XRP) in recent weeks, consistently closing above the 20-week moving average. However, traders and investors should be cautious of a significant resistance level around the $0.80 range.
Drawing parallels to the previous cycle around $0.008, the analyst emphasized the importance of breaking through this critical level, referred to as the “Final Wake Up Line.” Such a breakthrough would require substantial momentum, potentially fueled by positive news related to the ongoing XRP vs SEC lawsuit.
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The current focus lies on the crucial question of whether XRP will experience a strong surge, surpassing the $0.80 mark, or follow a pattern reminiscent of the previous cycle, resulting in a consolidation phase. Unfortunately, such a scenario could bring significant unease for XRP holders.
At the time of reporting, XRP was trading at $0.5263 on CoinMarketCap, reflecting a 0.30% increase in price over the past 24 hours. This upward momentum allowed XRP to strengthen its position against leading cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), with gains of approximately 0.42% and 0.40% respectively.
Additionally, XRP’s weekly performance showed a significant boost, with a positive change of +11.21%. However, the altcoin experienced a decline in its 24-hour trading volume, dropping by over 30% to reach $593,361,829.
With a market capitalization of $27,361,214,847, XRP secured the 6th position in terms of market cap, trailing behind USD Coin (USDC) at 5th place and ahead of Cardano (ADA) at 7th place.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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