In this bearish market sentiment, a crypto analyst predicts that XRP might soon exit its bearish phase. This was stated on September 16, 2024, in a post on platform X (formerly Twitter).
Analyst Bullish View on XRP
The crypto analyst noted that the formation of a bullish pattern on the XRP chart is unique due to its long duration. The post also mentioned that such a bullish price action pattern is very rare in the cryptocurrency landscape because cryptocurrencies haven't existed long enough to form similar patterns. The analyst also highlighted that once large investors and whales notice this pattern, there could be a significant price rally for XRP.
XRP Price Prediction for September 2024
According to technical analysis, XRP looks bullish and has been consolidating in a tight range between $0.57 and $0.595 for the last four trading days. It is also trading above the 200-day exponential moving average (EMA), signaling an uptrend. Based on historical data, if the XRP price closes a daily candle above the $0.60 level, there's a strong possibility it could rise by 20% to the $0.75 level while also breaching the $0.65 level. This bullish outlook will only hold if XRP closes its daily candle above the $0.65 level; otherwise, it may halt at the $0.65 level.
Current Price Momentum
Currently, XRP is trading near the $0.586 level and has seen a price surge of over 0.4% in the last 24 hours. During the same period, its trading volume declined by 22%, indicating low trader participation, possibly due to the current market sentiment.
Analysts continue to monitor the dynamics of XRP, awaiting confirmation of the bullish prediction. Current patterns and technical indicators suggest potential growth, but market conditions could alter this outcome.
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