The recent price action of XRP has ignited a wave of bullish sentiment among cryptocurrency investors and analysts. The cryptocurrency’s notable 10% increase over the past week has elevated its price to levels not seen in nearly a month, continuing its positive trend across most long-term timeframes. This development has prompted some market watchers to set bullish targets for XRP, suggesting that the multi-year consolidation phase may soon be coming to an end.
Related Reading
XRP To Reclaim $0.75?
XRP’s price experienced a significant decline when the US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple nearly four years ago. The SEC alleged that Ripple had sold XRP as an “unregistered security,” leading to uncertainty about the token’s status and the lawsuit’s resolution. This uncertainty drove investors away from the token.
However, Ripple’s recent victory against the SEC has rekindled bullish sentiment among users, as evidenced by XRP’s recent price movements. Investor and analyst CredibleCrypto believes that XRP’s path to a new all-time high (ATH) is a matter of “when” rather than “if,” following the court’s ruling.
According to CredibleCrypto, XRP has been trading within the $0.40-$0.75 price range since reaching March’s highs, only deviating from this level in July. The analyst explained that this deviation was a tactic to mislead breakout traders into buying or selling before the price moved back into the range and headed in the opposite direction.
Since the August ruling, XRP has been trading between the $0.55 to $0.64 mid-range level. However, it recently experienced another deviation during the early September market retrace, suggesting that XRP’s price may be poised to retest the upper level of its accumulation range.
CredibleCrypto predicts that XRP will retest the $0.75 resistance level before initiating a significant bull run. However, he noted that this scenario is contingent on Bitcoin (BTC) rebounding to the $61,000-$62,000 price zone “relatively soon.”
A Massive Breakout Eyes Double-Digits
CredibleCrypto also highlighted that XRP exhibits “The Mother” of all bullish patterns in the longer timeframes. According to his analysis, the token appears to display a multi-year bullish pennant pattern that could lead to a breakout.
He asserted that this “near 7-year compression will be coming to an end soon,” potentially resulting in a “legendary” rally for XRP. The analyst believes that the breakout’s possible targets will surpass the $3.4 mark, setting a new ATH at a “minimum.”
Following this target, CredibleCrypto suggested that investors would be “looking at double digits” for the next targets. Similarly, Crypto Trader Mikybull noted XRP’s bullish pattern, claiming that it showcases “one of the most bullish macro charts out there.”
Related Reading
Another analyst, Charlie.eth, also predicted that XRP would be one of the top performers during the upcoming bull run. As October approaches, he believes a “significant recovery seems likely,” which could lead to a mid-term target of $2.5 before aiming for a long-term target between the $10-$12 mark.
At the time of writing, XRP’s price has surged by 4% in the last 24 hours, trading at $0.58. The cryptocurrency has also seen a 13.6% increase in its daily market activity, with a daily trading volume of $1.29 billion.
For more insights and updates on XRP and other cryptocurrencies, stay tuned to our latest articles.
