- XRP shows signs of breaking a multi-month descending trendline, hinting at a potential rally towards the $1 mark.
- EGRAG’s ASO setup indicates a likely bullish crossover, reminiscent of patterns observed in 2017 and 2021.
Taking a dive into the recent behavior of Ripple’s XRP, there’s an evident shift in its movement, defying its recent downtrends. This newfound trajectory is epitomized in a tweet by XRP Captain, the known XRP analyst, asserting,
BOOM 💥💥 #XRP 1$ LOADING.#XRP Has Broken This Downtrend Resistance Line Since Judge Ruled In Favour Of #XRP Is Not A Security.
I Expect #XRP To Hit 1$ In The Near Future. Sit Back & Relax. Not A Whole Lot To Panic Here. #XRPCommunity #XRParmy pic.twitter.com/Jztgo4layQ
— XRP CAPTAIN (@UniverseTwenty) September 16, 2023
After XRP touched the $0.9380 mark on July 13, owing to a lawsuit win, the cryptocurrency experienced periodic dips, sketching a pattern of lower lows and highs. This downtrend persisted until September 14, when XRP began a 3-day rally, concluding with it closing above its former downtrend on September 15.
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Analysts Weigh In on XRP’s Potential
Building on this, XRP Captain projects that XRP could soon inch closer to the long-sought-after $1 price. His message to the XRP community is one of patience and trust in the crypto’s path. Supporting this bullish sentiment, another analyst, JD, pinpointed a longer, more significant trendline. JD asserts that the asset’s continued retesting of a 2-year trendline, which has been its resistance since 2021, might lead to a rally once it crosses above.
XRP’s Promising Long-Term Outlook
A significant sentiment backing XRP’s bullish stance comes from EGRAG and his Average Sentiment Oscillator (ASO) analysis. In this setup, two main lines – light blue and pink – are of interest. Historical data reveals that when the blue overtakes the pink, XRP undergoes a massive rally. Such behavior was recorded in 2017 and again in 2021.
Currently, there’s buzz around another imminent bullish crossover. EGRAG, in his preceding analyses, had hinted at this. The latest insights show the two lines gradually approaching one another following a brief stagnant phase.
Given its past, should XRP experience a 28,250% rally, as EGRAG once speculated, it might soar to an astronomical $140 mark. As of the last update, XRP was trading at $0.4973, a modest 0.97% uptick for the day. Despite a short dip below the $0.50 mark, XRP’s resilience shines through, registering a mere 1.84% loss over the past month.
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