Coinspeaker XRP Poised for Major Bull Run, Analyst Sets Ambitious Double-Digit Target
XRP’s XRP $0.57 24h volatility: -2.4% Market cap: $32.30 B Vol. 24h: $1.06 B recent price movement has stirred excitement in the crypto community, with the cryptocurrency experiencing a 10% increase over the past week. This resurgence has driven XRP to levels not seen in almost a month, fueling speculation about a potential breakout.
XRP’s Path to $0.75
XRP price was significantly impacted by the SEC’s lawsuit against Ripple, which alleged that XRP was sold as an unregistered security. This legal battle led to a drop in investor confidence. However, Ripple’s recent victory in court has rekindled bullish sentiment among investors.
Analyst CredibleCrypto believes that XRP is on the verge of reaching new highs. He noted that the cryptocurrency has been trading within the $0.40 to $0.75 range since March, with a notable deviation in July. According to CredibleCrypto, XRP will likely test the $0.75 resistance level again. He also mentioned that this scenario is dependent on Bitcoin bouncing back to the $61,000-$62,000 range in the near future.
Analyst’s Bullish Forecast
CredibleCrypto highlights that XRP is currently displaying “the mother of all bull flags” on longer timeframes. The bullish pennant pattern could be a precursor to a significant price movement. He emphasizes that this pattern could signal the end of XRP’s multi-year consolidation phase, leading to a substantial rally. CredibleCrypto anticipates that the breakout could push the XRP price above $3.40, setting a new all-time high.
Beyond this, he suggests that XRP could potentially reach double-digit prices. Crypto Trader Mikybull also supports this bullish outlook, noting that XRP’s current chart is among the most promising in the market.
Technical Indicators and Market Sentiment
XRP has shown strong performance by maintaining critical support levels around $0.51 and rebounding to $0.58. Technically, XRP has been performing well, staying above a 50 Relative Strength Index (RSI) and closing above the 50 Moving Average (MA) for several weeks. The cryptocurrency is approaching a major resistance level from mid-2021.
A successful breakout could push XRP towards 73 cents, aligning with the 1.618 Fibonacci Retracement level. Additionally, an inverted head and shoulders pattern and a rising RSI divergence further support a bullish projection.
Increased Whale Activity and Future Prospects
The resolution of the SEC lawsuit has led to increased whale activity within the XRP network. Notably, Ripple co-founder Chris Larsen recently transferred 50 million XRP, worth approximately $29 million, to an unknown wallet. This surge in large transactions indicates growing market interest in XRP. While Ripple’s monthly release of 1 billion XRP has sparked concerns about potential inflation, the company maintains that these sales are crucial for the network’s growth and development.
Looking ahead, Ripple is focused on expanding the XRPL network by introducing new features such as smart contracts and decentralized exchanges (DEXs). The company is preparing for the deployment of smart contracts by 2025 and aims to integrate multi-chain Web3 projects. These advancements are expected to enhance XRP’s role in cross-border payments and bolster its position in the DeFi and Web3 ecosystems, potentially driving further adoption and price growth.
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XRP Poised for Major Bull Run, Analyst Sets Ambitious Double-Digit Target
