TL;DR
Several analysts are optimistic about XRP’s future, with predictions ranging from a price surge to $0.63 to a new all-time high.
Despite recent volatility, some believe the market sentiment remains bullish, particularly if Ripple settles its legal issues with the SEC.
What Could Be Next for XRP?
Ripple’s XRP has underperformed in the past two weeks, with its price plunging by 7% and dropping to a local bottom of around $0.54. The last 24 hours have been more kind to the asset, whose valuation pumped by 3% and is currently trading at approximately $0.56 (per CoinGecko’s data).
XRP Price, Source: CoinGecko
Despite the overall bearish situation, numerous analysts predicted that XRP could soon head north, with some envisioning new peaks. The X user Crypto Yapper was among the mild optimists, claiming that the token’s price broke out an important falling wedge formation on September 2 and is now poised to reach $0.63.
Others like JAVON MARKS forecasted an astonishing move to the upside. The analyst argued that XRP’s recent performance resembles that of 2017-2018, which was later followed by a massive bull run and a new all-time high. “Prices can be on the brink of another extreme upside at an extreme level not seen in 6-7 years,” they maintained.
For their part, Mando CT – an X user with over 350,000 followers – envisioned the formation of a “clear bullish divergence.” He also promised to accumulate as many XRP tokens as possible.
The analyst believes the asset’s sentiment remains bullish despite BTC’s wobbly performance as of late. He expects a “parabolic” price rally for XRP once Ripple settles the fine with the US Securities and Exchange Commission.
Recall that Judge Torres recently ruled that the company must pay a $125 million penalty for violating certain securities laws. The sum represents a whopping 94% deduction on what the SEC initially asked for. There have been increased rumors that Ripple will settle with the regulator as early as this week. However, the entities have not announced anything on the matter yet.
Massive Volatility Incoming?
One important metric showing that XRP might experience a wild move soon is the Bollinger Bands. The technical tool, introduced in the early 1980s by John Bollinger, assists traders in detecting when an asset may be overbought or oversold and in spotting potential price breakouts or reversals.
Last week, the X user JD noted that the Bollinger Bands have squeezed significantly. It is worth mentioning that such a development signals that the token has experienced low volatility for a prolonged time and might be gearing up for a massive rally (or correction).
The analyst recently claimed that the bands have tightened even more, suggesting this could be a precursor of a new all-time high for XRP.
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