XRP has performed well in recent times, reaching new price levels but it must maintain a key support level if it must see a new surge.
According to a crypto analyst Ali on 22 September, the token needs to hold the price above $2.71 for hopes of the next surge to be confirmed.
Buying pressure needed
XRP has been hovering above $3 until recently when the market experienced a general correction. It is trading at $2.86, safely above the $2.71 level the analyst says is necessary for a bounce.
However, another ingredient is needed, which is a buying pressure that can propel a bounce to $3.60. It looks like this condition is already being met because Ali in a more recent tweet said whales have bought 30 million XRP in the last 24 hours alone.
If this momentum is sustained, the token may already be preparing for a major leg up, which he said could bring it to a new all-time high of $3.60.
Meanwhile, other more recent analyses have predicted that XRP could be heading to $4.20 considering the current bullish momentum surrounding it.
Other factors
Apart from the token buying which whales are doing, there are other factors that may be supporting XRP to make it possible for the rebound to take place soon.
There is news making the rounds that the U.S. SEC is proposing to replace SWIFT with XRP liquidity.
This news is possibly boosting investor confidence and if it is implemented, a lot more optimism can build up, leading to more buying sprees which becomes a fuel for the price to surge eventually.
For now, the price remains stagnant with no tangible movement and which is widespread across the market, but fingers remain crossed as we watch.
What do you think?
Join Techgaged on Telegram
Get first-access to daily trending tech stories, AI breakthroughs, and more, before it hits your feed.
