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XRP’s recent price action has led to broader bullish sentiment among crypto investors and analysts. The cryptocurrency’s 10% gain over the past week has pushed the price above levels not seen in nearly a month, continuing its green performance for most of the long term.
As a result, some market watchers have set their bullish targets for the cryptocurrency, claiming that the multi-year consolidation is coming to an end soon.
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XRP to recover $0.75?
The price of XRP suffered a massive drop when the US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple almost four years ago. The SEC alleged that the company illegally sold the cryptocurrency as an “unregistered security.”
The cryptocurrency crackdown drove investors away from the token as uncertainty grew over the status of the token and the resolution of the lawsuit. However, Ripple’s win over the SEC has led to bullish sentiment among users, following the recent price action.
Investor and analyst CredibleCrypto opined that XRP’s trajectory to a new all-time high (ATH) is a matter of “when” and not “if” after the court ruling.
The analyst noted that the cryptocurrency has moved between $0.40-$0.75 since March highs, only registering a “deviation” from this level in July.
According to the investor, the divergence was “forcefully pushed below the low range to trick breakout traders into buying/selling before the price moved back into the range and moved in the opposite direction.”
After the August ruling, the token fluctuated between the mid-levels of $0.55 to $0.64, but recently registered another “anomaly” during the market reversal in early September. This could indicate that the price of XRP is about to retest the highest level of accumulation.
According to the analyst, the token will retest the $0.75 resistance level before its massive bull run begins. However, he noted that this scenario will likely only play out if Bitcoin (BTC) returns to the $61,000-$62,000 price zone “relatively soon.”
A huge breakthrough looks like double digits
Credible Crypto too marked that XRP represents “the mother” of all bullish patterns on the longer time frames. According to the post, the token is seemingly exhibiting a multi-year bullish pennant pattern that could lead to a breakout.
According to the analyst, this “nearly seven-year compression will soon end,” which could result in a “legendary” rally for the cryptocurrency. Moreover, he added that the possible targets of the breakout will cross the $3.4 mark as a new ATH will be realized at a “minimum”.
Following that target, the trader stated that investors would be “looking at double digits” for the next targets. The same goes for Crypto Trader Mikybull noted XRP’s bullish pattern, which claims to display “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 appears likely,” which could lead to the medium-term target of $2.5, before aiming for a long-term target between $10 and $12.
At the time of writing, the price of XRP is registering a 4% increase in the past 24 hours, trading at $0.58. The cryptocurrency also saw a 13.6% increase in daily market activity, reaching a daily trading volume of $1.29 billion.
Featured image from Unsplash.com, chart from TradingView.com