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XRP remains indecisive at its current position, opposed by stern resistance above $0.50, which has slowed down its journey to the $1 price.
XRP dropped from the $1 territory in December 2021 and has since failed to recapture the price point despite persistent efforts. The closest XRP got to $1 was a price of $0.93 attained in March 2022. Amid its recent momentum, analysts believe the asset is poised to hit the price target soon, but this remains uncertain.
XRP broke through a series of barriers in the latest upsurge. DonAlt, a renowned crypto analyst and host of the Technical Roundup analytic channel, recently called attention to this bullish momentum, posing the critical question: “Is XRP finally going to $1?”
Is $XRP finally going to $1?
— DonAlt (@CryptoDonAlt) May 31, 2023
The analyst provided no insight but allowed his audience to weigh in. Most proponents argued that the asset would eventually hit $1 sooner or later. This bullish sentiment is triggered by several favorable developments surrounding the XRP market, the Ripple vs. SEC lawsuit, and Ripple’s growth efforts.
Another anonymous analyst noted that XRP had faced fierce resistance at the $0.50 level. This analysis syncs with the opinions of most market watchers. The analyst asserted that XRP could have a go at the $1 price point if it can close in on the $0.60 price territory.
While DonAlt has a more balanced view on XRP than most analysts, he has forecasted, in the past, that the asset has the potential to reach the much-coveted $1 value. During the broader market-wide downturn last September, DonAlt predicted that XRP could eventually hit $1 or close to $1 by the end of October 2022.
XRP Latest Rally Rekindles $1 Optimism
Although this forecast did not materialize, it underscores the trader’s earnest desire to see the asset gain parity with the dollar. DonAlt’s hope of a $1 price target might have been rekindled with the latest rally.
The Crypto Basic disclosed yesterday that XRP finally broke a downtrend that it has been caught in since April 2021 amid the latest solo run. The asset also registered impressive spikes in daily active address count on May 28 and May 29. As XRP bucked the overall market trend, its social mentions surged, leading to record highs in social activity.
Amid this bullish atmosphere, Egrag, an accomplished chartist, noted that XRP needs to close above $0.55 and $0.58 to see its rally continue. However, the asset has failed to hit these levels, facing opposition at the high of $0.5293. XRP is currently trading for $0.5074, with an 11.72% gain in the past week. Egrag noted in April that XRP is on track to reclaim $1.