Analyst Says XRP Price Is Read For “Big Move,” Ripple ATH Next?

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As a seasoned crypto analyst with over a decade of experience in the digital asset market, I have seen my fair share of bull and bear cycles. The latest developments surrounding Ripple (XRP) have caught my attention, and after careful analysis, I believe that we are on the brink of a significant move for this coin.

On Friday, the price of XRP saw a slight 0.7% increase, maintaining its position above the $0.50 psychological marker. The ongoing market turbulence and the ongoing U.S. SEC lawsuit against Ripple have strengthened this current holding pattern. Yet, with the growing buzz about possible XRP ETFs, crypto experts foresee a significant drop for Ripple but also potential new all-time highs.

Analyst Predicts XRP Price Poised for a “Big Move, “Is Ripple ATH Close?

The business known as Ripple, which specializes in cross-border payment systems, has once again caught the interest of market analysts. This is due to the U.S. Securities and Exchange Commission’s attempt to reverse a court decision that ruled the programmatic sales of XRP to ordinary investors did not break securities regulations.

Despite ongoing legal issues causing delays, financial analyst InvestingHaven anticipates a significant jump for XRP. The accompanying chart suggests an important turning point for XRP, with a possible breakthrough approaching in February or March.

As a crypto investor, I’ve noticed that over the past seven years, XRP has been moving along a symmetrical triangle pattern. This means there are strong support and resistance levels drawing closer together. The pattern’s upward trendline aligns with the 50% Fibonacci level, which adds credence to a potential bullish outlook.

Based on the upcoming intersection of two trend patterns, it appears that the price of Ripple is primed for a significant surge. According to chart experts, this surge could potentially push the price towards an initial peak at around $2.5, with further extension possibly exceeding its all-time high of $3.8.

Is $XRP Gearing Up for a Big Move?
The 7-year XRP chart shows strong support and a potential breakout around February/March.
The alignment of the ascending trendline with the 50% Fibonacci point strengthens the argument for a continued bullish sentiment regarding #XRP’s long-term perspective.
— InvestingHaven (@InvestingHaven) October 9, 2024

Historical Trends Hint Ripple Rally as MVRV Hits Negative Zone

Based on Santiment’s data, the Market Value to Realized Value (MVRV) of XRP has dropped into the range of -7 to -10%. Since this figure is negative, it suggests that short-term traders have incurred a loss on their XRP investments and may be prone to panic selling.

Typically, their departure triggers interest from long-term investors, causing an increase in the asset’s value, a pattern that has consistently emerged in 2024. Previous drops have generally resulted in a surge toward the $0.62 level, as evidenced by historical data.

Analyst Says XRP Price Is Read For “Big Move,” Ripple ATH Next?

XRP Price Analysis Hints Prolong Correction

For the last fortnight, the value of XRP has displayed numerous small candles sitting just above the $0.5 support level. This prolonged period of consolidation, with extended wicks on both sides, suggests that neither the bulls nor the bears have managed to exert significant control over this asset yet.

Although the XRP ETF applications from Canary Capital and Bitwise have been submitted, the crypto market’s buyers haven’t been able to establish a lasting recovery, suggesting a potential lengthening of the correction period. If the price of XRP falls below $0.50, there’s a possibility that sellers could push the asset down by around 15%, reaching a new low at $0.45. A further support level may be found at $0.40.

Analyst Says XRP Price Is Read For “Big Move,” Ripple ATH Next?

If Upovber’s broad market predictions come true, it’s possible that the price of XRP might reclaim its 200-day Exponential Moving Average and even challenge the resistance level of the current triangular pattern.

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2024-10-11 16:56