Analyst Says XRP Eyes $0.90 Backed by Strong Support

XRP may surge to $0.9, driven by strong community support, numerous bank partnerships, and speculation of an upcoming ETF, says Mr Cryptosis.

XRP, one of the top 10 largest projects by market in the market, is again the subject of bullish commentary around an imminent price pump. Pseudonymous analyst Mr Cryptosis recently posted an analysis on X, highlighting XRP’s potential for a move toward $0.9. He bases this prediction on the robust community, numerous bank partnerships, and rumors of an ETF.

Are you ready for the $XRP Pump ?

Still one of the largest projects around in the crypto spaces

Massive community & Commited Holders
Countless partnerships with global Banks and I’m even hearing rumours of an ETF..

when this beast awakes even falcon 9 won’t keep up 🚀 pic.twitter.com/BG2IRpyXNx

— #MrCryptosis (@MrCryptosis) July 9, 2024

 

The analyst’s chart shows a strong support zone around $0.40, highlighted in orange. This area has been tested multiple times, indicating substantial buying interest. Currently, XRP trades for $0.44, near this support level. Historically, bounces from this support have led to significant upward moves.

A projected bullish trend, marked by a green line, suggests that the price might rise towards or even beyond the resistance zone. The resistance zone ranges from $0.80 to $1.00. This level has historically capped price rallies, making it a crucial area to watch. 

Institutional Support and Bank Partnerships

According to the analyst, XRP has acquired numerous partnerships with financial institutions worldwide, with the support boosting confidence in XRP. For instance, Simon McLoughlin, CEO of American exchange Uphold, revealed that major finance giants use cryptocurrencies like XRP for global fund transfers. 

During an interview on the Thinking Crypto podcast, McLoughlin emphasized Uphold’s role in Ripple’s ODL network. This cross-border payment solution uses crypto like XRP to facilitate large treasury movements for multinational companies.

Rumors of an XRP ETF and Bullish Sentiment

Per Mr Cryptosis, speculation about a potential XRP ETF (Exchange-Traded Fund) could be a major catalyst for price movement. Another individual advocating for an XRP spot ETF in the U.S. market is Ripple President Monica Long.

She previously argued that XRP is among the most prominent crypto assets consistently trading in the top 10. Long highlighted that XRP’s valuation, ranking as the seventh most valuable cryptocurrency, supports the case for an ETF.

Meanwhile, other analysts also project an upside for XRP, which is notably 87.03% shy from its ATH. Crypto Bitlord, a crypto pundit, recently claimed that XRP is on the verge of a significant price impact. This assertion comes despite XRP’s recent lackluster performance.

While other altcoins have approached their previous all-time highs, XRP has lagged. However, the growing institutional support and ETF speculation suggest that XRP could soon experience a substantial price surge.