Ripple, the popular cryptocurrency, is on the verge of achieving a stable price momentum that could potentially lead to a new all-time high (ATH). Analysts are already predicting a bullish trend for XRP, suggesting that the token has started to adopt a stellar pace in the market.
According to noted analyst Javon Marks, Ripple is gradually emerging from a period of uncertainty and is poised to embrace a bullish trend. Marks highlights XRP as one of the most prominent cryptocurrencies in the market, with significant attention from investors. He points out that XRP’s Relative Strength Index (RSI) patterns indicate an imminent uptrend, with the potential for a breakout from a 7-year pennant pattern. This breakout could propel XRP to higher price levels in a short period of time.
Pennant patterns, which are considered bullish in financial terms, occur when an asset follows a clear price pattern, consolidates, and then experiences a breakout. Marks suggests that if XRP can overcome its critical price levels, it could mirror the bullish run it experienced in 2017-2018.
CoinCodex, a reputable cryptocurrency platform, also predicts a modest price increase for XRP by the end of October or early November. The platform forecasts a 16% surge in XRP’s price, reaching $0.64. The current sentiment for XRP is neutral, with a Fear & Greed Index showing greed at 73. Over the last 30 days, XRP has recorded 14 out of 30 green days with a price volatility of 5.87%. Based on these indicators, CoinCodex suggests that now may be a good time to buy XRP.
Overall, the outlook for Ripple’s XRP appears positive, with analysts and technical indicators pointing towards a potential bullish trend in the near future. Investors and enthusiasts will be closely monitoring XRP’s price movements to see if it can replicate its previous bullish run from 2017-2018.