In a recent tweet, crypto analyst ‘Egrag Crypto’ has pointed to a major resistance the XRP price is experiencing around $0.80. He predicted that XRP will soon break through this $0.80 mark, but if it fails to do so, the price could enter a phase of consolidation.
Breakthrough or consolidation?
Egrag Crypto pointed out that XRP has shown a strong bullish trend in recent weeks. The cryptocurrency also closes above its 20-week moving average. However, there is a notable resistance level near USD 0.80 that traders and investors are watching closely.
The analyst noted that this pattern resembles the behavior seen in the previous cycle when the price hovered around $0.008. Breaking this crucial level, labeled by Egrag Crypto as the “Final Wake Up Line”, requires significant momentum. This momentum may stem from positive news regarding the ongoing litigation between XRP and the SEC.
The big question right now is whether XRP will make a strong upward move and close above USD 0.80, or whether it will follow a pattern similar to the previous cycle. This then led to a phase of consolidation. Unfortunately, such a scenario could spell unfavorable news for XRP investors.
XRP price is up 11 percent
XRP is currently trading at a price of USD 0.5263, up slightly from 1.20% in the past 24 hours.
With an impressive weekly growth of +11.31%, XRP has proven itself as a strong player in the crypto market. However, XRP’s 24-hour trading volume is down 30 percent in the past 24 hours, dropping to $558 million.
With a market cap of $27,361,214,847, XRP ranks sixth as the largest cryptocurrency by market capitalization. This puts it just below USD Coin (USDC), which ranks fifth, and above Cardano (ADA), which ranks seventh.