XRP fell below the $1 mark in December 2021 and has struggled to regain that price point despite ongoing efforts. The closest it came to $1 was in March 2022 when it reached $0.93. While there is recent momentum suggesting XRP may reach the target price soon, there is still uncertainty surrounding this outcome.
Analyst Perspectives on XRP’s Price Potential
The recent surge in XRP has broken through various barriers. Notably, DonAlt, a respected crypto analyst and host of the Technical Roundup analytic channel, recently raised the question: “Will XRP finally reach $1?” Although the analyst did not provide a definitive answer, they opened the floor for discussion. Many supporters believe that XRP will eventually reach $1, given several positive developments in the XRP market, the ongoing Ripple vs. SEC lawsuit, and Ripple’s growth efforts.
Resistance Levels and Price Predictions
Another anonymous analyst acknowledged that XRP encountered significant resistance at the $0.50 level, aligning with the opinions of many market observers. This analyst suggested that if XRP can approach the $0.60 price range, it may have a chance to reach $1. While DonAlt maintains a more balanced perspective on XRP compared to most analysts, they have previously predicted that XRP has the potential to reach the coveted $1 value. In the midst of a broader market downturn last September, DonAlt forecasted that XRP could reach or come close to $1 by the end of October 2022.
Optimism Reignited by Recent Rally
The recent rally in XRP has reignited optimism about the $1 price target. Although DonAlt’s previous forecast did not materialize, it reflects their genuine desire to see XRP reach parity with the US dollar. The latest rally has broken a downtrend that XRP had been trapped in since April 2021, as reported by Crypto Basic. Additionally, XRP has seen significant spikes in daily active address count on May 28 and May 29. As a result, social mentions of XRP have surged, leading to record levels of social activity.
Key Levels and Chartist’s Perspective
In this bullish environment, Egrag, a skilled chartist, emphasized that XRP must close above $0.55 and $0.58 to sustain its rally. However, the asset has faced resistance at its recent high of $0.5293 and is currently trading at $0.5074, experiencing an 11.72% gain in the past week. In April, Egrag predicted that XRP is on track to reclaim $1.