2024-9-3 23:06 |
XRP continued to show strength over the weekend, following a robust resurgence in the broader cryptocurrency market over the past week. Notably, the seventh-largest cryptocurrency by market capitalization has surged approximately 10%, with its market cap expanding by 9.4% to $34 billion over the past week.
This bullish momentum has sparked renewed optimism among analysts, who now predict a significant price surge if XRP can break through a crucial resistance level. On Saturday, popular crypto analyst Egrag Crypto provided an interesting update on XRP’s price potential, suggesting that the cryptocurrency might be gearing up for a major bull run.
Notably, the pundit highlighted what he calls the “Genuine Wake-Up Line,” a critical price point set at around $0.64 on the boundary line of a symmetrical triangle consolidation pattern, which has been evolving since 2021. According to Egrag Crypto, closing above $0.64 on a weekly basis could indicate a significant bullish move, potentially pushing XRP towards $0.70 to $0.75.
Egrag forecast further suggested that breaking the $0.64 resistance could trigger a chain reaction, pushing XRP towards a short-term target of $1.3 to $1.5. More ambitiously, he predicted that surpassing the “Genuine Wake-Up Line” could set the stage for a longer-term price target of $6.4.
Analyst “DustyBC” also noted that XRP has been consolidating around the $0.60 mark, forming a symmetrical triangle on its chart. According to the pundit, breaking out above the upper trendline of this triangle could spark a substantial price rally. He suggested a successful breakout could propel XRP to $2.3 or even higher, depending on market conditions.
Meanwhile, another analyst, XRPpunkie, drew parallels between XRP’s current chart patterns and those observed in 2017. In an August 20 tweet, the pundit suggested that if the 2017 fractal pattern continues to play out, XRP could soon break through a seven-year-long resistance line, potentially reaching $5 to $7 by early September. Looking further ahead, XRPpunkie forecasted that XRP could hit $25 to $33 by the third week of October, with a subsequent retracement before aiming for a potential three-digit price by mid-2025.
That said, these optimistic projections come amid promising technical indicators. The price has been above the 200 Exponential Moving Average on the daily chart since bouncing on August 15. Additionally, the 30-day Relative Strength Index (RSI) is trending upwards, signaling strength. The recent favorable settlement in the SEC vs. Ripple lawsuit could further boost XRP’s price, potentially driving it higher.
At press time, XRP was trading at $0.56, reflecting a 1.17% increase over the past 24 hours.
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