Over the past two years, the cryptocurrency has encountered resistance from bears in its attempt to reclaim the $1 price level. The last time XRP traded above $1 was in December 2021, when it tumbled alongside the overall market decline.

In March 2022, XRP made its initial push towards the $1 mark, reaching a price of $0.9121. However, this rally faced hindrance when it encountered resistance in the $0.91 region. The second and last attempt by XRP to breach the $1 threshold occurred in July 2023, as the asset surged to $0.93 following a ruling in the Ripple vs. SEC case.

Despite the broader market's transition into bullish territories, XRP has struggled to gather enough strength to make another attempt at reaching $1. It has underperformed other cryptocurrencies throughout the year, posting only a 1.8% growth.

Nevertheless, market analysts, including Tylie Eric, remain confident in XRP's potential. Eric recently shared his analysis, stating that he expects XRP to reclaim the $1 price level in less than two weeks, specifically over the next nine days. Eric's projection is based on studying market data from a 4-hour chart, which reveals XRP consolidating between a high of $0.66 and a low of $0.56 since March 15.

Despite XRP's defense of the $0.55 support, the cryptocurrency has not been able to embark on a push towards $0.70. It has been trading within an expanding channel pattern for over two weeks, and Eric believes that XRP is on the verge of breaking above the upper trendline of this channel.

Based on Eric's chart analysis, once this breach occurs, XRP is expected to embark on an impressive price rally over the next nine days. The analyst predicts that XRP could eventually reach a high of $1.0096, which would represent a significant 61.37% increase from its price at the time of analysis.

Currently trading at $0.6256, XRP has not witnessed a significant price change since Eric's projection. During recent market movements, XRP has been trading within a symmetrical triangle pattern since it dropped from $0.7449 on March 11. The cryptocurrency now sits close to the apex of the triangle, with a breakout above or below capable of determining its next direction.

In the short term, XRP has experienced a rise in bullish sentiments, as the 50-day EMA (Exponential Moving Average) continues to outpace the 200-day EMA. This suggests that its recent growth rate is higher than the long-term average, potentially indicating increased investor confidence and upward momentum.

Furthermore, XRP's current price positions it above both the 50-day EMA ($0.6069) and the 200-day EMA ($0.5782), signaling predominant bullishness in the short and long terms.

It is crucial to note that this article is for informational purposes only and should not be considered financial advice. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic holds no responsibility for any financial losses incurred by readers.