The popular crypto XRP is gaining attention as it approaches the end of the second week of September with a cumulative gain of more than 7%. Trading at $0.57 at press time, XRP has shown strong performance recently despite a slight 2.72% decline in the last 24 hours, per Coingecko. With a circulating supply of 56 billion tokens, XRP’s market capitalization is approximately $32.15 billion, and its 24-hour trading volume has reached $1.07 billion.
Analysts closely watch XRP’s potential for further growth, especially with the token consolidating around a critical level. Recent chart analyses from prominent analysts suggest the possibility of a substantial breakout shortly, with XRP poised for significant price action.
Symmetrical Triangle Breakout Prediction
Crypto analyst Captain Faibik has drawn attention to a long-term symmetrical triangle pattern in XRP’s price action that dates back to 2018. This technical formation typically indicates a consolidation period before a potential breakout, and Faibik’s analysis suggests that XRP is nearing the apex of this triangle.
As the price approaches this critical point, Faibik predicts a breakout with a possible price target of $2.4. If this happens, XRP could surge over 299% from its current price levels.
Supporting this analysis, Faibik stated on X,
“$XRP is on the cusp of a Massive Triangle Upside Breakout… Massive Pump is on the way.”
While the exact timing of this breakout remains uncertain, the symmetrical triangle pattern is widely regarded as a bullish indicator, especially as the asset draws closer to key resistance levels.
Source: X
Key Price Levels Identified by Analysts
In addition to Faibik’s analysis, other analysts have identified crucial price levels for XRP in the short term. Egrag Crypto, another widely followed crypto analyst, has highlighted $0.75 as the next significant resistance point for XRP. According to his analysis, the token must close above this level on the weekly timeframe to confirm a potential bullish trend.
Egrag also introduced the concept of “The White Flame,” which focuses on XRP surpassing key resistance zones he has labeled Structural Formation, Sentiment Status, MACRO Range, and Psychological Zone.
These levels represent price points just below $1, and Egrag has emphasized the importance of closing above $0.75 as a signal for further price movement. According to his analysis, a breakout past this level, supported by a single strong daily candle, could pave the way for more substantial gains.
Source: X
Re-Listing and Institutional Interest Boost XRP
XRP has also seen renewed interest from exchanges and institutional investors in recent months. In July 2023, a key ruling gave XRP legal clarity, which prompted its re-listing on major exchanges, including Robinhood.
Although trading in XRP has not yet fully resumed on Robinhood, the exchange’s re-listing of the token is seen as a positive development that could drive further interest and liquidity once trading begins.
Moreover, the asset management giant Grayscale recently announced the launch of a single-asset investment fund focused on XRP. This move is expected to increase institutional capital inflows into XRP and enhance its utility as an investment asset. With more institutional support, XRP may benefit from increased market confidence, potentially contributing to its price growth in the coming months.
Current Technical Indicators Point to Positive Momentum
XRP’s recent price action shows encouraging signs of continued momentum. The token is currently consolidating around the $0.57 mark, and technical indicators such as Bollinger Bands suggest that a breakout above $0.60 could signal further upward movement. The middle Bollinger Band is acting as a support level, and a successful move above the upper band could confirm a bullish trend.
Additionally, the Aroon indicator, which measures the strength of an asset’s trend, shows that the Aroon Up is at 85.71%. This indicates strong upward momentum, suggesting that buying pressure is increasing.
Source: TradingView
Meanwhile, the Relative Strength Index (RSI) stands at 52.91, remaining in neutral territory. This leaves room for further price appreciation before XRP approaches overbought conditions, allowing for additional growth potential.
With both technical and fundamental factors aligning, XRP appears well-positioned for further gains as it continues to attract interest from analysts, investors, and institutions alike.
The post XRP Price Prediction September 16: XRP Poised for 299% Surge? Analysts Predict Major Breakout Soon appeared first on Coinfomania.
