advertisement
Ripple’s XRP had little price movement on Thursday, stabilizing around $0.53, indicating that it is entering a consolidation phase. Cryptocurrencies have been confined to a tightening range in recent months, as seen by the converging trend lines on the weekly chart. This technical formation highlights a period of reduced volatility as XRP fluctuates between major support at $0.52 and resistance just below $0.55.
Despite sideways price movements, XRP remains above the important $0.50 level, which has served as support since mid-2023. The current price of $0.5338 represents a modest increase of 1.34% over the past 24 hours, highlighting market indecision.
Despite the current lull in price action, traders are keeping a close eye on a breakout as XRP approaches the top of its consolidation pattern, which could trigger a significant rally.
On Wednesday, prominent cryptocurrency analyst Armando Pantoja said, “In all my years of trading, I have never seen a seven-year bullish pennant like this,” drawing attention to XRP’s technical setup. Ta. He suggested that cryptocurrencies are on the verge of a big breakout due to years of pressure building up. Pantoja, who previously set a $20 target, further emphasized that such a setup is rare and could represent one of the biggest moves for XRP this year.
“Charts rarely lie, and this setup is too perfect,” he added.
advertisement
This bullish sentiment is echoed by another analyst, “Random Crypto Pal,” who noted that XRP is showing signs of a breakout. “XRP is under pressure in this triangle and will move within 1-3 days,” the analyst tweeted. He compared XRP’s current pattern to the pattern seen in 2017 before its massive rally to $3. “Don’t be fooled,” he urged, adding that XRP could recover its losses and surge past resistance, marking the beginning of a significant rally.
Other analysts like Javon Marks echoed similar sentiments, suggesting that XRP is poised for a big breakout. Marks said the chart shows the potential for a sharp rally that could push the price above $3.31, an increase of more than 500%.
Recently, experts speculated that the cryptocurrency could appreciate as much as $200 in the long run.
Meanwhile, excitement over XRP’s technical configuration is growing amid an ongoing legal battle between Ripple and the US Securities and Exchange Commission (SEC). On October 10, Ripple filed a cross-appeal against Judge Torres’ ruling, which was handed down on August 7, 2024. Ripple CEO Brad Garlinghouse said: “We look forward to determining the SEC’s fate and ultimately bringing an end to SEC regulation.” -Agenda by enforcement. ”
While some believe this lawsuit will not derail XRP’s rise in a bull market, a court ruling favorable to Ripple could significantly strengthen XRP’s bullish outlook and accelerate price momentum.
