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While expectations for significant unlocks on the XRP front continue, the search for a major catalyst that could drive the price above the $1 level is also ongoing. In addition to the volatile price movements in the market, uncertainties persist due to the ongoing legal battle between Ripple and the Securities and Exchange Commission (SEC) not having reached a conclusion yet.
Analyst’s Commentary on XRP
Amidst XRP’s consolidation, cryptocurrency analyst Egrag Crypto, highlighted that XRP’s potential for a breakout could materialize in the near future.
The expert, in an April 12th post on X (formerly known as Twitter), interpreted XRP’s optimistic outlook and the existing downward pressure as a unique position.
The analyst pointed out that the price range XRP is currently in is well-known, and both bulls and bears seem to be exerting futile efforts regarding market dominance.
Despite the challenging period caused by XRP’s prolonged sideways movement, EGRAG added that this situation is a very important foundation contributing to XRP’s existing structure.
On the other hand, the analyst noted that during this extended consolidation, XRP has resisted movements in both positive and negative directions, indicating that neither bullish nor bearish investors are dominating.
This consolidation phase has been ongoing since August 2023 and has lasted for about 8 months. Although the extended sideways movement seems challenging, it is fundamentally and structurally a healthy formation.
Will XRP Reach $1?
As of writing, XRP continues to trade at $0.59372, showing a slight correction of about 2.5% over the last 24 hours.
It’s useful to note that XRP has remained stagnant below the $0.70 level due to the emerging bearish outlook. Consequently, it wouldn’t be wrong to say that investors are awaiting potential market movements that could trigger a move towards $1.
Furthermore, an increase in whale activity specific to XRP is noteworthy, and how XRP will perform in the short term continues to be a subject of curiosity during this process.
Especially according to data provided by Whale Alert, it is reported that 42.5 million XRP have been transferred to various exchanges, which could have significant impacts on the token price.
