Is XRP on the Brink of a Major Breakout?

Ripple's cryptocurrency has surprisingly withstood bearish trends and has even shown signs of recovery, despite a significant sell-off of 350 million XRP from its treasury reserves in September.

A notable prediction from crypto analyst Mikybull Crypto suggests that XRP may be on the verge of a substantial breakout.

In a recent post, Mikybull Crypto described XRP as resembling a “time bomb waiting to explode,” pointing to its technical chart patterns as evidence. The 50-period simple moving average (SMA) has recently crossed above the 200-period SMA, a formation known as the ‘golden cross’ that typically indicates bullish momentum. Additionally, the relative strength index (RSI) has been hovering between 40 and 60, suggesting moderate market momentum.

Currently, XRP’s price is consolidating within a narrow range. A breakout above the $0.60 resistance level could lead to upward movement, while a drop below the $0.58 support could trigger a downward trend.

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Another analyst, Altstreet Bets, has also forecasted that XRP could exceed $1 by the end of this year, basing this on the Elliott Wave Theory, which predicts that XRP is in its final phase of growth. This potential surge is expected to materialize around October or November 2024.

$XRP will break 1$ this year. pic.twitter.com/mbdWkOWn5w

— ᴀʟᴛꜱᴛʀᴇᴇᴛ ʙᴇᴛꜱ (@AltstreetBet) September 19, 2024

This positive price action comes on the heels of Ripple’s assertion that the Federal Reserve’s FedNow initiative, which aims to bridge traditional banking with decentralized finance (DeFi), could enhance XRP’s adoption in the payment landscape.

Overall, the indicators appear favorable for XRP, and the predictions from experts may very well hold true, especially as the altcoin season appears to be underway. However, as always in the crypto market, fluctuations are common, and thorough research is essential for investors.

Alexander Stefanov