Amidst the prevailing bearish market sentiment, there are signs that Ripple’s native token XRP could be approaching the end of its bearish phase, as indicated by a crypto analyst in a recent post. On September 16, 2024, a crypto expert shared their views on XRP on X (formerly Twitter), suggesting that XRP is on the verge of a bullish breakout after forming a pattern over the past seven years.
Analyst Bullish View on XRP
The crypto analyst emphasized that the bullish pattern emerging on the XRP chart is a significant one, referred to as the “mother of all bull flags,” due to its prolonged duration. The post on X also noted the rarity of such bullish price action patterns in the cryptocurrency space, given the relatively short history of cryptocurrencies.
The analyst further pointed out that once investors and whales take notice of this pattern, there is a strong likelihood that they will accumulate XRP, leading to a substantial price rally.
XRP Price Prediction for September 2024
Technical analysis suggests that XRP is exhibiting bullish tendencies, consolidating within a narrow range of $0.57 to $0.595 over the past four trading days. Moreover, it is currently trading above the 200 Exponential Moving Average (EMA), indicating an upward trend.
Based on past price trends, a daily close above $0.60 could propel XRP by 20% towards the $0.75 level, potentially surpassing $0.65. However, this optimistic scenario hinges on XRP maintaining a daily candle close above $0.65; otherwise, it may find resistance at that level.
Current Price Momentum
Presently, XRP is hovering around the $0.586 mark, having registered a modest 0.4% increase in the last 24 hours. Concurrently, its trading volume has dropped by 22%, indicating subdued trader participation likely influenced by the overarching market sentiment.
