XRP To Have ‘The Mother’ Of All Bull Runs, Analyst Sets Double-Digit Target

Rubmar Garcia

9 months ago

3 mins read

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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.

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.”

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.

XRP’s performance in the weekly chart. Source: XRPUSDT on TradingView

Featured Image from Unsplash.com, Chart from TradingView.com

Rubmar Garcia

Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.

From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.

In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.

At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.

After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.

Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies –or her favorite memes.

In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.

She also has a passion for learning new languages and cultures, having set the goal to learn another six languages – currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.

In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.

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