Cilinix Crypto discussed the potential for Ripple’s XRP to experience a price surge based on both technical and fundamental metrics. The analysis was made in a 4-minute-long YouTube video.
The analyst noted that the XRP price experienced a breakout on Sunday, surpassing a crucial trendline. This breakout was particularly notable as it occurred on a higher time frame—the three-day chart—where trendlines generally hold more weight in technical analysis.
Source: Cilinix Crypto/ YouTube
He explained that trendlines respected over longer periods tend to be reliable indicators. However, the analyst cautioned viewers about the reliability of weekend breakouts, noting that the market is often more susceptible to manipulation and lower trading volumes during this time.
Although the XRP price broke the trendline, it struggled to maintain this upward momentum after Sunday. The analyst pointed out that following the breakout, there was a notable buy event marked by an increase in open interest and positive Cumulative Volume Delta (CVD).
He expressed concerns about potential manipulation, suggesting that while XRP’s price initially rose, larger buyers might have sold off gradually for minor profits, leaving retail investors at a disadvantage—a classic scenario of market manipulation
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Show more +Show less – $0.6: The Crucial Psychological and Technical Level
Despite the setback, the analyst maintained a bullish outlook on XRP. He observed some new momentum earlier in the day, which he deemed more sustainable compared to the previous spike.
He emphasized that a significant breakout would require XRP to consistently trade above the $0.6 mark, which he identified as a crucial psychological and technical level. For XRP to continue its upward trajectory, breaking this level with sustained momentum is essential.
At press time, Ripple’s token is trading slightly below this crucial level, at $0.588.
WHY XRP CAN PUMP SOON! | RIPPLE (XRP) PRICE PREDICTION & NEWS 2024! Fundamental Catalysts for a Bullish Move
The analyst identified two key fundamental catalysts that could drive XRP’s price up soon
Ripple Stablecoin: Ripple’s development of a stablecoin could provide some positive momentum for XRP. While the analyst acknowledged that the impact might be limited, it remains a favorable development.
SEC Appeal Deadline: The approaching deadline of October 6th for the SEC appeal is the most significant factor at play. The analyst noted that while the SEC could still appeal, the longer it takes for them to do so, the less likely that scenario becomes.
He mentioned that Ripple recently moved funds into an interest-bearing account, which could indicate preparation for a potential appeal, though he personally doubts this is the most probable outcome.
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