advertisement
XRP continued to trade in a tight consolidation pattern on Saturday, hovering around $0.54. For the past three weeks, XRP has been range-bound, trading primarily between support at $0.52 and resistance near $0.56.
Looking at the long-term chart, XRP is in a period of relative stability after the significant price spike and subsequent correction seen in early 2021. Volume is moderate, suggesting a balance between buyers and sellers as the market awaits potential catalysts. Movement in the next direction.
However, CoinMarketCap data shows that community sentiment has increased recently, with 85% bullish, indicating growing optimism among XRP holders. This positive sentiment can be attributed to recent developments in the crypto space, such as news regarding various spot XRP ETF filings, which could have a wide-ranging impact on the overall crypto market.
Meanwhile, this consolidation phase has attracted the attention of market analysts, with some predicting a possible breakout in the near future. Crypto analyst Egrag Crypto shared a bullish outlook, suggesting that XRP could see a big move in the next 15 to 30 days, with an absolute maximum period of 70 days.
“Good news. The breakout point is getting lower as time goes on within the white triangle and yellow triangle (breakout target $0.61-$0.62). 70 days left. I can say with confidence that a breakout will occur within the next 15-30 days. Pressure is building and it will not be contained for long,” he tweeted.
advertisement
Egrag’s prediction comes amid growing concern over the ongoing legal battle between Ripple and the SEC. In his last update, he acknowledged concerns surrounding the SEC’s appeal and assured investors that there is still opportunity in the market.
While Egrag’s forecast suggests optimism, he also cautioned that XRP needs to maintain key support levels. “At a macro level, there is nothing to worry about unless XRP loses $0.28,” he explained. However, he said a full-fledged bull market is unlikely until XRP closes above $0.75.
On the other hand, short-term predictions are focused on breaking through the immediate resistance, while long-term predictions are quite ambitious. Egrag’s analysis includes a post-breakout price target of $7.50, conditional on XRP maintaining key support levels and successfully navigating ongoing regulatory challenges.
Since mid-July, XRP has fluctuated in a wide range of prices due to ongoing regulatory uncertainty. Following a brief rally in early September that saw XRP break above the 50-day EMA and end above the $0.62 resistance, the cryptocurrency faced fresh downward pressure as Bitcoin (BTC) declined. XRP found temporary support at the 50-day EMA before succumbing to BTC’s decline again, before testing support at $0.52.
Recent technical analysis reveals that XRP may have support within the $0.50 to $0.5150 range. The Relative Strength Index (RSI) is significantly lower at 28, indicating oversold conditions. Historically, situations like this can signal a potential trend reversal. Additionally, the MACD is showing signs of lessening its negative momentum, suggesting that an upward shift is likely on the horizon.
XRP is trading at $0.5475 at the time of writing, reflecting an increase of 0.11% over the past 24 hours.
