Ripple experienced a significant sell-off in September that included dumping a total of 350 million XRP from its treasury reserves. Despite this, the altcoin has resisted bearish pressure and survived short-term negative reactions. Now, a crypto expert is making a bold prediction.
Following Ripple’s victory over the SEC, XRP experienced a spike. However, it later lost its gains and remained stuck in a narrow range for a long time. Still, some crypto experts claim that XRP is a “ticking time bomb” ready to explode. The expert, nicknamed Mikybull Crypto, says that based on current chart patterns, XRP is poised for a major breakout.
According to analysts, XRP’s technical chart shows that its 50-period simple moving average (SMA) has crossed above the 200-period SMA, forming a ‘golden cross’ formation that signals a bullish signal. Furthermore, the relative strength index (RSI), which is fluctuating between 40 and 60, suggests that the altcoin is gaining some momentum. The XRP price is consolidating within a narrow range, while a break above the $0.60 resistance could signal an upside move. However, there is a possibility that XRP could move in the opposite direction if it breaks below the $0.58 support.
Another crypto analyst, Altstreet Bets, predicts that XRP will likely rise above $1 by October or November. This prediction is based on Elliott
Looking at the recent price action, XRP was trading at $0.5923 at the time of writing. According to the latest data, the altcoin has gained 1.17% in the last 24 hours and gained 0.91% in the previous week. Thus, it has reduced its losses in the past month to 0.22%. Overall, the indicators are showing a positive outlook for XRP. The crypto expert’s predictions could indeed come true with the start of the altcoin season. However, it is important to remember that trends in the crypto industry can change rapidly. Therefore, it is critical for investors to do their own research
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