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XRP’s recent price action has sparked broader bullish sentiment among crypto investors and analysts. The cryptocurrency’s 10% surge over the past week has pushed the price to levels not seen in nearly a month, continuing its green performance on most long-term timeframes.
As a result, some market observers have set bullish targets for the cryptocurrency, claiming that the years-long consolidation process is coming to an end.
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Will XRP Recover $0.75?
The price of XRP suffered a major drop when the U.S. Securities and Exchange Commission (SEC) filed its lawsuit against Ripple nearly four years ago. The SEC alleged that the company illegally sold the cryptocurrency as an “unregistered security.”
The crackdown by crypto companies has pushed investors away from cryptocurrency as uncertainty grows over the status of the currency and the resolution of the lawsuit. However, Ripple’s victory over the SEC has sparked bullish sentiment among users, mirroring its recent price action.
Investor and analyst CredibleCrypto believes that XRP’s path to a new all-time high (ATH) is a matter of “when” and not “if” following the court ruling.
analyst male The cryptocurrency has been moving between the $0.40-$0.75 price range since its March highs, only “deviating” from that level in July.
According to the investor, the divergence “forced the price below the lower range to fool the traders who avoided buying/selling before the price moved back into the range and headed in the opposite direction.”
Following the August ruling, the token’s value ranged between the mid-$0.55 to $0.64 range, but it recently recorded another “deviation” during the market correction in early September. This could indicate that the XRP price is poised to retest the upper level of accumulation.
According to the analyst, the token will retest the $0.75 resistance level before starting a massive bullish run. However, he noted that this scenario will likely only happen if Bitcoin (BTC) bounces back to the $61,000-62,000 price area “relatively soon.”
Massive hack targets double digits
Credible Crypto too Spotlight XRP is exhibiting the “mother” of all bullish patterns on longer timeframes. According to the post, the token appears to be exhibiting a multi-year bullish pennant pattern that could lead to a breakout.
For the analyst, “this nearly 7-year-long squeeze is coming to an end soon,” which could lead to a “legendary” rally for the cryptocurrency. Moreover, he added that potential targets for a breakout would be above the $3.4 mark as it is set to hit a new all-time high at a “lower bound.”
Following this target, the trader stated that investors will be “looking for double digits” for the next targets. Similarly, crypto trader Mickey Paul said: male XRP bullish pattern, stressing that it displays “one of the most bullish macro charts out there.”
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Another analyst suggested that XRP will be one of the best performing coins during the upcoming bull run. As October approaches, Charlie.eth is expected to pull back. It is considered “A major recovery seems likely,” which could lead to a medium-term target of $2.50 before targeting a longer-term target between the $10 and $12 mark.
At the time of writing, XRP is up 4% over the past 24 hours, trading at $0.58. The cryptocurrency also saw a 13.6% increase in its daily market activity, reaching a daily trading volume of $1.29 billion.
Featured image from Unsplash.com, chart from TradingView.com
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