The value of XRP has experienced a loss of momentum in recent weeks, mirroring the prevailing market sentiment. This decline follows its inability to sustain the gains initially garnered in response to the favorable court ruling in the Securities Exchange Commission (SEC) and Ripple case amid ongoing XRP future price movement speculation.
In this line, pseudonymous cryptocurrency analyst iDrag0xxx, in a TradingView post on September 5, highlighted a noticeable slowdown in bearish momentum on the weekly chart for XRP.
The analyst pointed out that XRP whales have strategically pushed the price down to a point where the token has touched the 0.78 Fibonacci level. This level, considered a prime entry point for whales, hints at the possibility of a significant price reversal.
A key indicator referenced in the analysis is the neuronetwork indicator, which presents an optimistic outlook for XRP. This indicator has already crossed the Hull Moving Average, providing a bullish signal for potential upward movement. This is seen as a positive sign for the cryptocurrency.
Projected XRP price
The analysis also outlined specific price targets for XRP in the coming months. Should the current scenario unfold as anticipated, traders can expect a bullish movement corresponding to the 0.5 Fibonacci level. This level often serves as a significant resistance point that XRP must surpass. However, he pointed out that investors can also expect a pullback and aim for the $0.81 mark.
“1st target will .5 fib @$0.6161 then pull back 0.6fib @$0.5414; if this scenario is going well, the price will continue to move by the bulls up to $0.81,” he said.
Furthermore, the analyst also advised investors to closely monitor technical indicators for validation. One notable signal mentioned is the potential formation of a doji candle on lower time frames, followed by an engulfing green candle. This pattern often signals trend reversals and could provide additional confirmation of an impending bullish trend.
While technical indicators suggest the possibility of a bullish upswing in XRP’s value, it is crucial to acknowledge that the ongoing legal battle with the SEC remains a key determinant of the token’s price.
Notably, both parties are gearing up for their second legal confrontation, with the SEC already indicating its intent to appeal the matter. In response, Ripple has contested the agency’s decision to appeal, arguing that it lacks a solid legal foundation.
XRP price analysis
By press time, XRP is trading at $0.50, registering a daily loss of 0.38%. Over the past seven days, XRP has undergone a correction of nearly 5%.
Additionally, as reported by Finbold, a machine learning algorithm at PricePredictions.com has indicated that XRP is likely to experience a minor bullish momentum by the end of September, reaching $0.52.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Source: https://finbold.com/xrp-price-forecast-for-september-october-2023/