The recent surge in XRP price has sparked optimism among crypto investors and analysts, with the cryptocurrency’s 10% increase in the last week pushing it to levels not seen in nearly a month. This positive momentum has continued in most long-term timeframes, leading some market watchers to set bullish targets for XRP as they believe the multi-year consolidation phase is nearing its end.
XRP faced a significant setback when the US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple almost four years ago, alleging that the company had illegally sold the cryptocurrency as an unregistered security. This legal battle created uncertainty among investors, causing many to steer clear of the token. However, Ripple’s recent victory against the SEC has reignited confidence in XRP, reflected in its recent price action.
Renowned investor and analyst CredibleCrypto has expressed confidence in XRP’s potential to reach new all-time highs following the court ruling. He pointed out that the cryptocurrency has been trading within the $0.40-$0.75 range since March, with occasional deviations. According to him, these deviations serve as traps for breakout traders before the price reverts back to the range and moves in the opposite direction.
Following the recent market retracement in early September, XRP is now positioned to retest the upper level of this accumulation range, potentially reaching the $0.75 resistance level. However, CredibleCrypto emphasized that this scenario is contingent on Bitcoin bouncing back to the $61,000-$62,000 price range in the near future.
Furthermore, CredibleCrypto highlighted a bullish pennant pattern in XRP’s longer timeframes, suggesting that a breakout is imminent. He believes that this multi-year compression phase is coming to an end, paving the way for a substantial rally that could see XRP surpassing its previous all-time high of $3.4 and potentially reaching double-digit price levels.
Other analysts, such as Charlie.eth, also anticipate a significant recovery for XRP in the upcoming bull run, with mid-term targets set around $2.5 and long-term targets between $10-$12. As of the latest update, XRP is trading at $0.58 with a 4% surge in the last 24 hours and a daily trading volume of $1.29 billion.
In conclusion, XRP’s recent price surge and bullish sentiment among analysts indicate a positive outlook for the cryptocurrency, with potential for further gains in the near future. Traders and investors are closely monitoring XRP’s price action as it approaches key resistance levels and prepares for a potential breakout.
Featured Image from Unsplash.com, Chart from TradingView.com.