On Friday, the XRP price recorded a modest 0.7% surge, continuing its consolidation above the $0.50 psychological level. The broader market uncertainty and the U.S. SEC appeal in its case against Ripple significantly bolstered the current consolidation. However, with the renewed market excitement around XRP ETFs, crypto analysts anticipated a big off for Ripple and potential for ATH.
Analyst Predicts XRP Price Poised for a “Big Move, “Is Ripple ATH Close?
Ripple, the company behind cross-border payment solutions, has garnered renewed attention from market observers following the U.S. SEC’s appeal to overturn the court ruling, which found that programmatic sales of XRP to retail investors did not violate securities laws.
While the legal challenges have prolonged the XRP price consolidation, the crypto analyst InvestingHaven predicts a “Big Move” for this asset. The price chart shared in the tweet highlights a pivotal moment for XRP, with a potential breakout looming around February/March.
The long-term 7-year chart shows XRP trading within a symmetrical triangle pattern, with converging solid support and resistance levels. The pattern’s rising trendline continues with the 50% Fibonacci level, bolstering the potential bullish scenario.
The imminent confluence of the two trendlines suggests the Ripple price is poised for a massive breakout. As per chart analysts, the post-breakout rally could set an initial target to triangle peak at $2.5, while an extended target strengthening above 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 convergence of the rising trendline with the 50% Fibonacci level adds to the bullish case.#XRP long-term outlook remains strong pic.twitter.com/i29cbSj2kE
— InvestingHaven (@InvestingHaven) October 9, 2024
Historical Trends Hint Ripple Rally as MVRV Hits Negative Zone
According to the Santiment data, the 30-day MVRV (Market Cap to its Realized Cap Ratio) recently plunged to -7-10% region. This negative value indicates that short-term traders witness loss on their XRP purchase and are susceptible to panic selling.
Their exit often attracts long-term holders and raises the asset price, as has been repeatedly observed throughout 2024. Historical data shows previous dips have mainly led to a rally to the $0.62 mark.
XRP Price Analysis Hints Prolong Correction
Over the past two weeks, the XRP price has showcased multiple short-body candles hovering above $0.5 support. The consolidation with long-wick on either side indicates a lack of dominance from bulls or bears to lead this asset.
Despite the XRP ETF filling by Canary Capital and Bitwise, the crypto buyers failed to drive a sustainable rebound, indicating a higher risk for a prolonged correction. Should the XRP price drop below the $0.50 mark, sellers could drive the asset down by 15% to $0.45, with the following support likely found at $0.40.
Conversely, if the broader market aligns with Upovber’s expectations, XRP price could regain the 200-day Exponential Moving Average and potentially test the triangle’s resistance level.
The post Analyst Says XRP Price Is Read For “Big Move,” Ripple ATH Next? appeared first on CoinGape.
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