On September 28, XRP broke above the $0.60 mark, reaching a peak of $0.6618 on September 29. As of the latest data, XRP is trading at $0.6426, marking a 3.59% increase over the past 24 hours. This surge has led to optimism about its future.
XRP Growth Surge
There are ongoing discussions about a potential breakout, and well-known cryptocurrency community figure Crypto Michael (@MichaelXBT) reported that the digital asset just broke out of a seven-year-long bullish pennant. This technical pattern suggests a significant upward movement.
Community Reaction
Despite this positive development, the reaction from the broader cryptocurrency community has been mixed. Several users on social media platforms expressed skepticism and concern regarding the sustainability of XRP’s recent price movement. One user commented on the frequent selling pressure from large holders, predicting that any upward movement would be met with substantial selling from whales, leading to a price drop of approximately 20%. Another user highlighted the prevailing sentiment of doubt, noting that belief in XRP’s potential has been lost over time. This lack of confidence stems from XRP’s historical performance, which has seen multiple instances of price surges followed by significant corrections.
Expectations and Prospects
Some community members argue that the current price levels do not show a true breakout. One response suggested that a breakout would only be confirmed if XRP surpasses the $0.90 threshold. According to this perspective, anything below $0.75 is considered to be within a ranging pattern rather than a definitive breakout. Some users have also expressed disinterest in XRP, possibly due to the prolonged underperformance relative to other cryptocurrencies. The fear of a false breakout is also contributing to the muted response. Investors are wary of raising their hopes, only to experience a subsequent price decline. This caution is reflected in the community’s reluctance to embrace the recent price movement.
Despite mixed assessments and fears of a false breakout, XRP's recent rise inspires hope for potential changes. According to one analyst, breaking the $0.66 resistance level could provide significant price growth.
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