In this bearish market sentiment, it appears that Ripple’s native token XRP might be nearing the end of its bearish phase, as highlighted by a crypto analyst in a recent post. On September 16, 2024, a crypto expert made a post on X (Previously Twitter) that XRP is poised for a bullish breakout, which has been forming over the past seven years.
Analyst Bullish View on XRP
The crypto analyst noted that the formation of a bullish pattern on the XRP chart is a “mother of all bull flags” due to its long duration. Additionally, the post on X mentioned that this type of bullish price action pattern is very rare and unique in the cryptocurrency landscape, as cryptocurrencies haven’t been around long enough to form a similar pattern.
Source: X (Previously Twitter)
The analyst also highlighted that once the whales and investors notice this pattern, there is a high possibility they could potentially bag up XRP, resulting in a significant price rally.
XRP Price Prediction for September 2024
According to expert technical analysis, XRP appears bullish and has been consolidating in a tight range between $0.57 and $0.595 for the last four trading days. Additionally, it is trading above the 200 Exponential Moving Average (EMA), signaling that it is in an uptrend.
Source: Trading View
Based on the historical price momentum, if XRP price closes a daily candle above the $0.60 level, there is a strong possibility it could soar by 20% to the $0.75 level, while also breaching the $0.65 level. This bullish outlook will only hold if XRP closes its daily candle above the $0.65 level otherwise, it may halt at the $0.65 level.
Current Price Momentum
Currently, XRP is trading near the $0.586 level and has experienced a price surge of over 0.4% over the last 24 hours. During the same period, its trading volume declined by 22%, indicating a lack of trader participation, potentially due to the current market sentiment.