During Monday’s Asian market session, the XRP price prediction showed a 0.5% surge to reach $0.55 and boost a market cap of $31.5 Billion. As the price attempts to reclaim the 200-day Exponential moving average, crypto analysts predict the Ripple coin target of $589 if holders remain patient.
XRP’s bullish momentum appears to be driven by a broader market recovery, with the Ripple community confident that the SEC’s appeal of Judge Torres’ decision won’t impact its future potential. As Bitcoin rallies toward a $70,000 breakout, fueled by the renewed ‘Uptober’ sentiment, major altcoins like XRP are positioned for potential new breakouts.
Analyst: Patience Needed For XRP Price to Hit $589
In a recent tweet, crypto analyst Amonyx shared his XRP price prediction of a weekly chart showcasing the formation of a bullish pennant pattern. An established uptrend often shows this chart setup, where a long pole projects the main trend, followed by a brief consolidation to restore the exhausted bullish momentum.
Since March 2021, the XRP price has resonated within two converging trendlines, which acted as dynamic resistance and support. The market uncertainty surrounding the Ripple vs. SEC lawsuit has significantly contributed to a prolonged consolidation trend in this asset.
The analyst expressed confidence in XRP’s future growth, telling his 116K followers, “Patience is the key. Rome was not built in a day.” Therefore, a potential breakout from the pattern’s overhead trendline will end the multi-year consolidation and set the Ripple price rally to $589.
Ripple Price Prediction: XRP Bulls Eye Rally
The XRP price prediction displayed a lateral movement of around $0.55 for the past three weeks. Forming multiple neutral candles with short bodies and long wicks indicates no dominance from buyers or sellers.
If the renewed ‘Uptober’ sentiment enables XRP buyers to reclaim the 200-day EMA, it could spark a 10.6% rally, pushing towards the overhead trendline. After prolonged consolidation, altcoin requires a decisive breakout from triangle resistance to confirm a genuine upward move.
The momentum indicator RSI surging above 50% midline accentuates the restoring bullish sentiment.
On the contrary, if the XRP price prediction fails to hold above the $0.5 level, the sellers could push a 25% downfall to seek support at $0.4.
Frequently Asked Questions (FAQs)
Analysts predict XRP could hit $589 if it successfully breaks out of the current multi-year consolidation pattern, with patience being key to reaching this ambitious target
XRP’s bullish momentum is fueled by a broader market recovery, optimism surrounding Bitcoin’s rally to $70,000, and confidence that the SEC’s appeal in the Ripple lawsuit will not impact the coin’s future potential
If XRP holds above the $0.5 support level, a rally towards the overhead trendline is likely. However, a failure to maintain this level could result in a 25% decline, seeking support around $0.4
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/xrp-price-prediction-analyst-patience-is-key-589/
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