In the current bearish market sentiment, there are indications that Ripple’s native token XRP may be on the brink of transitioning out of its bearish phase. A crypto analyst recently pointed out that XRP is showing signs of a potential bullish breakout after a prolonged period of consolidation. The analyst, in a post on X (formerly Twitter) on September 16, 2024, highlighted that a bullish pattern has been forming on the XRP chart for the past seven years.
Describing the pattern as the “mother of all bull flags,” the analyst emphasized the rarity and uniqueness of such a long-duration bullish price action pattern in the cryptocurrency space. The post also mentioned that once whales and investors take notice of this pattern, there is a strong likelihood of a significant price rally in XRP.
As for the XRP price prediction for September 2024, expert technical analysis suggests that XRP is currently in a bullish phase, consolidating within a tight range between $0.57 and $0.595 over the last four trading days. Furthermore, XRP is trading above the 200 Exponential Moving Average (EMA), indicating an uptrend in its price movement.
If XRP manages to close a daily candle above the $0.60 level, there is a potential for a 20% surge towards the $0.75 level, with a possibility of breaching the $0.65 level as well. However, this bullish outlook is contingent on XRP maintaining a daily close above the $0.65 level; otherwise, it may encounter resistance at that level.
At present, XRP is trading around the $0.586 level, experiencing a slight price increase of over 0.4% in the last 24 hours. Despite this uptick, the trading volume has decreased by 22%, indicating a lack of active trader participation possibly due to the prevailing market sentiment.
In conclusion, with the potential bullish breakout looming for XRP and the technical indicators pointing towards an uptrend, investors and traders will be closely monitoring XRP’s price movements in the coming days to capitalize on any potential price rallies.