On this bearish market sentiment, it seems that Ripple’s native token XRP is likely to be nearing the tip of its bearish section, as highlighted by a crypto analyst in a current put up. On September 16, 2024, a crypto knowledgeable made a put up on X (Beforehand Twitter) that XRP is poised for a bullish breakout, which has been forming over the previous seven years.
Analyst Bullish View on XRP
The crypto analyst famous that the formation of a bullish sample on the XRP chart is a “mom of all bull flags” resulting from its lengthy period. Moreover, the put up on X talked about that this kind of bullish value motion sample could be very uncommon and distinctive within the cryptocurrency panorama, as cryptocurrencies haven’t been round lengthy sufficient to kind an analogous sample.
The analyst additionally highlighted that when the whales and buyers discover this sample, there’s a excessive chance they might doubtlessly bag up XRP, leading to a major value rally.
XRP Worth Prediction for September 2024
In accordance with knowledgeable technical evaluation, XRP seems bullish and has been consolidating in a good vary between $0.57 and $0.595 for the final 4 buying and selling days. Moreover, it’s buying and selling above the 200 Exponential Transferring Common (EMA), signaling that it’s in an uptrend.
Based mostly on the historic value momentum, if XRP value closes a each day candle above the $0.60 stage, there’s a robust chance it might soar by 20% to the $0.75 stage, whereas additionally breaching the $0.65 stage. This bullish outlook will solely maintain if XRP closes its each day candle above the $0.65 stage in any other case, it might halt on the $0.65 stage.
Present Worth Momentum
At present, XRP is buying and selling close to the $0.586 stage and has skilled a value surge of over 0.4% over the past 24 hours. Throughout the identical interval, its buying and selling quantity declined by 22%, indicating a scarcity of dealer participation, doubtlessly as a result of present market sentiment.
