2024-10-21 16:59 |
XRP continued to trade in a tight consolidation pattern on Saturday, hovering around $0.54. Over the past three weeks, XRP has been range-bound, mostly trading between support at $0.52 and resistance near $0.56.
Looking at the longer-term chart, XRP has been in a period of relative stability following the significant price surge and subsequent correction seen in early 2021. Volume has been moderate, suggesting a balance between buyers and sellers as the market awaits a potential catalyst for the next directional move.
However, the recent uptick in community sentiment, with 85% bullish according to CoinMarketCap data, indicates growing optimism among XRP holders. This positive sentiment could be attributed to recent developments in the crypto space, such as the news about various spot XRP ETF filings, which may have broader implications for the cryptocurrency market as a whole.
Meanwhile, this consolidation phase has caught the attention of market analysts, with some anticipating a potential breakout in the near future. Crypto analyst Egrag Crypto shared a bullish outlook, suggesting that XRP could see a significant move within the next 15 to 30 days, with an absolute maximum timeframe of 70 days.
“Here’s the good news: as time ticks by within the White Triangle and Yellow Triangle (break-out target $0.61-$0.62), the breakout point is getting lower. XRP has MAX-MAX 70 days left to reach the final pinnacle of the breakout point. I can say with a high degree of conviction that a breakout is coming within the next 15-30 days. The pressure is building, and it won’t stay contained for long.” He tweeted.
Egrag’s forecasts come amid heightened concern over the ongoing legal battle between Ripple and the SEC. In a previous update, he acknowledged the anxiety surrounding the SEC appeal, assuring investors that the market was still presenting opportunities.
While Egrag’s predictions suggest optimism, he also cautioned that XRP needs to maintain critical support levels. “On a macro level, as long as XRP doesn’t lose $0.28, we’ve got nothing to worry about,” he explained. However, he indicated that until XRP closes above $0.75, a full-blown bull run is unlikely.
Meanwhile, while short-term predictions focus on breaking above immediate resistance levels, longer-term projections are considerably more ambitious. Egrag’s analysis includes a post-breakout target of $7.50, contingent on XRP maintaining critical support levels and successfully navigating ongoing regulatory challenges.
Since mid-July, XRP has been navigating a wide price range influenced by ongoing regulatory uncertainties. Following a brief rally in early September, during which XRP exceeded the 50-day EMA and closed above resistance at $0.62, the cryptocurrency faced renewed downward pressure as Bitcoin (BTC) weakened. XRP found temporary support at the 50-day EMA before again succumbing to BTC’s decline, subsequently testing support at $0.52.
Recent technical analysis reveals that XRP may have located support within the range of $0.50 to $0.5150. The Relative Strength Index (RSI) sits at a notably low 28, indicating an oversold condition. Historically, such conditions can signal a potential trend reversal. Additionally, the MACD shows signs of decreasing negative momentum, suggesting a possible upward shift is on the horizon.
XRP was trading at $0.5475 at press time, reflecting a 0.11% surge over the past 24 hours.
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