Will XRP’s Bearish Phase End? Eyes at the $0.75 level
With this bullish market sentiment, it looks like Ripple's native token XRP may be headed for bearish levels as noted by a crypto analyst in a recent post. On September 16, 2024, a crypto expert posted on X (formerly Twitter) that he was preparing for the brutal upheaval that has been happening for the past seven years.
Analyst Bullish view on XRP
The crypto analyst described the formation of a bullish pattern on the XRP chart as the “mother of all bull flags” due to its long duration. Additionally, the post on X notes that this type of bullish price action is very unusual and unique in the cryptocurrency landscape, as cryptocurrencies have not had enough time to establish a similar pattern.
The analyst also noted that once whales and investors notice this pattern, there is a high probability that they will grab XRP, resulting in a massive price rally.
XRP price prediction for September 2024
According to expert technical analysis, XRP looks bullish and has been consolidating in a tight range between $0.57 and $0.595 over the past four trading days. Additionally, it is trading above the 200 Exponential Moving Average (EMA), indicating that it is in a bullish trend.
Based on historical price progress, if XRP price closes a daily candle above $0.60, there is a strong possibility that it will rise by 20% to $0.75, also breaching the $0.65 level. This bearish view is only if XRP closes the daily candle above $0.65, otherwise it can stop at the $0.65 level.
Current price momentum
XRP is currently trading at $0.586 and has experienced a price increase of over 0.4% in the last 24 hours. During the same period, trading volume fell by 22 percent, indicating a lack of trader participation, possibly due to the current market sentiment.
