The recent XRP price action has sparked a broader bullish sentiment among crypto investors and analysts. The cryptocurrency’s 10% surge in the last week has driven the price above levels not seen in nearly a month, continuing its green performance in most long-term timeframes.
As a result, some market watchers have set their bullish targets for the cryptocurrency, claiming that the multi-year consolidation is coming soon to an end.
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XRP To Reclaim $0.75?
XRP’s price suffered a massive drop when the US Securities and Exchange Commission (SEC) filed its lawsuit against Ripple nearly four years ago. The SEC claimed that the company had illegally sold the cryptocurrency as an “unregistered security.”
The crypto crackdown drove investors away from the token as uncertainty about the token’s status and the lawsuit’s resolution grew. However, Ripple’s victory against the SEC has sparked a bullish sentiment among users, reflecting on its recent price action.
Investor and analyst CredibleCrypto deemed that XRP’s trajectory to a new all-time high (ATH) is a matter of “when” and not “if” after the court’s ruling.
The analyst noted that the cryptocurrency has moved between the $0.40-$0.75 price range since March’s highs, only registering a “deviation” from this level in July.
According to the investor, the deviation “forcibly pushed below the range low to trick breakout traders into buying/selling before price moves right back into the range and heads in the opposite direction.”
Following the August ruling, the token has hovered between the $0.55 to $0.64 mid-range level but recently registered another “deviation” during the early September market retrace. This could suggest that XRP’s price is poised to retest the accumulation’s upper level.
To the analyst, the token will retest the $0.75 resistance level before kickstarting its massive bull run. However, he noted that this scenario will likely only play out if Bitcoin (BTC) bounces to the $61,000-$62,000 price zone “relatively soon.”
A Massive Breakout Eyes Double-Digits
Credible Crypto also highlighted that XRP displays “The Mother” of all bullish patterns in the longer timeframes. Per the post, the token seemingly exhibits a multi-year bullish pennant pattern that could lead to a breakout.
To the analyst, this “near 7-year compression will be coming to an end soon,” which could result in a “legendary” rally for the cryptocurrency. Moreover, he added that the breakout’s possible targets will surpass the $3.4 mark as it is set to make a new ATH at a “minimum.”
After that goal, the trader stated that investors would be “looking at double digits” for the next targets. Similarly, Crypto Trader Mikybull noted XRP’s bullish pattern, asserting that it displays “one of the most bullish macro charts out there.”
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Another analyst also suggested that XRP will be one of the top performers during the upcoming bull run. As October approaches, Charlie.eth considers that a “significant recovery seems likely,” which could lead to the mid-term target of $2.5 before aiming for a long-term target between the $10-$12 mark.
At the time of writing, XRP’s price registers a 4% surge in the last 24 hours, trading at $0.58. The cryptocurrency also saw a 13.6% increase in its daily market activity, reaching a daily trading volume of $1.29 billion.
Featured Image from Unsplash.com, Chart from TradingView.com