- XRP’s 7% rally faces key resistance at $0.7542, impeding further upward momentum.
- Increased whale accumulation indicates rising demand, with 2,389 new addresses in 5 weeks.
- Experts suggest realistic XRP price targets of $5, $7, and $10, dismissing $100 to $1,000 predictions.
XRP’s recent 7% price rally has generated excitement among investors, but market experts caution against overly optimistic projections. While some enthusiasts have speculated about XRP reaching prices of $100 or even $1,000, experts like Crypto Addict, a macro trader on X, argue that these predictions might be premature
According to Crypto Addict, XRP must navigate several key challenges before achieving such dramatic increases.
The primary hurdle facing XRP is the $0.7542 resistance level, which has consistently impeded upward momentum. This resistance point has been a significant barrier, forming a long-term wedge pattern that has thwarted previous attempts at price growth.
During the early 2024 crypto market rally, XRP climbed to a yearly high of $0.74 on March 11, following a 20% surge. However, this momentum stalled as the price approached the $0.7542 resistance level, highlighting its challenge to sustained growth.
Despite these obstacles, the rise in demand and investor interest in XRP remains promising. Data from Santiment shows a notable increase in the number of XRP whale addresses, with 2,389 new addresses accumulating at least 10,000 XRP in the last five weeks.
As of July 30, 2024, there were 279,360 such wallets, reflecting increased whale accumulation. This trend correlates with upward price pressure, indicating growing demand for XRP and contributing to the recent price rally.
Crypto Addict believes XRP’s logical price targets are $5, $7, and $10. However, he emphasizes that significant progress is needed before these targets become attainable. While dismissing the $100 to $1,000 range, other analysts, such as Common Sense Crypto on X, have predicted a 16,500% surge that could bring XRP to the $100 range.
This forecast is based on factors like real-world asset tokenization on the XRP Ledger (XRPL), reduced demand, and the resolution of the legal battle with the U.S. Securities and Exchange Commission (SEC).
The increasing demand from whales offers hope for continued growth. However, achieving a $100 higher price will require sustained momentum and ongoing investor interest. As the market evolves, XRP’s ability to overcome resistance levels and capitalize on rising demand will be crucial in determining its future trajectory.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
