As a seasoned researcher with over a decade of experience in the ever-evolving world of cryptocurrencies, I find myself intrigued by the recent surge in XRP‘s price action. Having witnessed the tumultuous journey of this digital asset since its inception, I can confidently say that the current bullish sentiment is reminiscent of the early days of Bitcoin.
In simple terms, the latest increase in XRP‘s value has caused a more positive outlook among crypto investors and experts. Over the past seven days, the cryptocurrency has climbed by 10%, pushing its price to levels not reached in about a month. This growth trend has been consistent across most long-term periods.
Consequently, certain market analysts are predicting optimistic price points for cryptocurrencies, suggesting that the prolonged phase of sideways movement may be drawing to a close.
XRP To Reclaim $0.75?
The value of XRP plummeted significantly following the U.S. Securities and Exchange Commission’s (SEC) legal action against Ripple, approximately four years back. The SEC alleged that Ripple had been selling the digital currency unlawfully, as an “unregistered security.
Due to increasing doubts and uncertainties surrounding the token’s legal standing due to the crackdown on cryptocurrencies, many investors chose to withdraw their investments. However, Ripple’s triumph over the SEC in court has ignited a positive outlook among users, which seems to be influencing its current price trends positively.
Analyst and investor CredibleCrypto believes it’s just a matter of time, rather than if, before XRP reaches a fresh record high following the court’s decision.
Since the peak in March, the analyst observed that the value of the cryptocurrency has fluctuated within the $0.40 to $0.75 price band. There was an exception to this trend in July when it deviated slightly from this range.
As reported by the investor, the deviation intentionally drove prices beneath the range’s lower limit to deceive breakout traders into purchasing or selling. This occurred prior to the price reversing direction and moving back within the range, heading in the opposite way.
After the decision in August, the token has been fluctuating within a range of approximately $0.55 to $0.64. However, it showed another deviation during the early market correction in September. This could indicate that XRP‘s price may soon test the upper limit of its accumulation phase.
For the analyst, the token is expected to test the resistance level at $0.75 again before it begins its significant upward trend. Yet, he cautioned that this sequence of events might only occur if Bitcoin (BTC) rises to the $61,000-$62,000 price bracket “in a timely manner.
A Massive Breakout Eyes Double-Digits
As an analyst, I’ve observed that XRP, in my view, is showcasing what could be described as the epitome of bullish patterns on longer timeframes. This token appears to be following a multi-year bullish pennant formation, a pattern that historically has signaled a potential breakout and upward trend.
To the analyst, the “significant compression over nearly 7 years” is approaching its conclusion, potentially triggering an extraordinary surge in the value of cryptocurrency. Furthermore, he stated that if this breakout occurs, the potential targets could exceed $3.4, implying a new All-Time High (ATH) at the very least.
Following that goal, the trader expressed confidence that investors could expect gains in the “teens” as their next objectives. Likewise, Crypto Trader Mikybull emphasized XRP‘s favorable trend, suggesting that its chart is “among the most bullish macro charts available.
As I, Charlie.eth, eagerly look forward to October, I find myself optimistic about XRP‘s prospects. Another analyst’s analysis indicates that XRP could be among the top gainers during the upcoming bull run. This bullish outlook has me believing that a substantial recovery is on the horizon, potentially pushing XRP towards the mid-term goal of $2.5. If things continue to trend positively, I see the long-term target stretching between $10 and $12. Exciting times ahead for XRP investors!
Currently, XRP‘s price is experiencing a 4% rise over the past 24 hours, with its value standing at around $0.58. Additionally, there has been an impressive 13.6% jump in XRP’s daily trading activity, resulting in a total volume of approximately $1.29 billion being exchanged.
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2024-09-18 09:40