advertisement
Despite recording significant gains over the weekend, XRP got off to a relatively slow start this week. Notably, the value of the seventh-largest crypto asset soared to $0.66 last week. This increase comes amid a surge in XRP accumulation by whales over the past few days.
Popular analyst Ali Martinez highlighted this trend on Sunday, tweeting that “Ripple whales have purchased over $470 million in XRP in the past 10 days.”
That said, as interest grows, some experts are predicting another significant rally in XRP, and a consensus is forming around the idea that XRP is on the verge of breaking out of its 6-7 year consolidation pattern. There is.
In his analysis, analyst Javon Marks recently suggested that XRP has broken out of its roughly seven-year pennant pattern, and if it maintains this upward momentum, the coin’s value could rise astronomically. He emphasized.
“XRP is currently breaking out of its ~6.69-year pennant pattern, and if this current break holds and there is full logarithmic follow-through thereafter, XRP price could rise over 30,000% from here to ~$200. ,” he said. he tweeted.
advertisement
Meanwhile, analyst MickyBullcrypto expressed a more conservative outlook in the short term, suggesting that XRP could reach $10-$20 this cycle if it breaks out of its three-year small triangle pattern. . XRP could reach $10 to $20 this cycle.
“The high degree of bearish sentiment surrounding this asset has allowed such large gains to be extracted,” the expert further emphasized.
But not all voices are optimistic. Egrag Crypto, another prominent analyst, gave his opinion on the Average Sentiment Oscillator (ASO), a tool designed to gauge market sentiment. He noted that the current market cycle is sending mixed signals, and the current formation of ASOs is divergent from past trends.
Eglag said overall sentiment appears to be volatile, making it complicated to determine whether the market is overbought or oversold from a macro perspective. He elaborated on the difficulties for XRP traders, saying, “From a MACRO perspective, you can’t know whether the market is overbought or oversold.” Divergence is not clear It is currently difficult to find clear trend confirmations or reversals. ”
“With strong conviction, I believe that XRP is being heavily manipulated. It has remained in a range for three years with no clear trend direction. My advice? Large price movements HODL is tight until we see a
At the time of writing, XRP is trading at $0.53, reflecting a decline of 0.08% over the past 24 hours. In contrast, buy-side volume increased over 48% to $2.66 billion during the same period, indicating renewed investor interest.
