The price of XRP is under pressure as it hovers near the critical $0.5989 barrier. This barrier has proved a strong resistance, maintaining the token’s price below this level for a fortnight. However, market analysts anticipate this scenario could change come October, a month typically regarded as a highly bullish season for cryptocurrencies.
Analysts Insights on XRP
One such analyst is Tony Edward, a prominent XRP commentator. In an X post, he remarks that critics surrounding the token may be losing ground. While skeptics continue to take jabs at the digital asset, Edward believes the charts tell a different story, one of potential momentum.
His remarks came in response to insights from charting expert CrediBULL, who has captured the attention of the XRP community with a bold prediction. CrediBULL, renowned for his market observations, pointed to a unique formation in the token’s trajectory.
Haters gonna hate but the charts showing positive signs for $XRP 🚀 https://t.co/IndUT76tly
— Tony Edward (Thinking Crypto Podcast) (@ThinkingCrypto1) September 17, 2024
According to him, the token is nearing the end of an extraordinary seven-year consolidation period, which he calls nothing short of the “mother of all bull flags.” What sets the cryptocurrency apart from the pack, he argues, is its long-standing presence in a market where most coins haven’t even existed for that long.
As newer assets continue to dominate the conversation, CrediBULL suggests it’s the veterans, like XRP, that are poised for a seismic shift. “When the old guard wakes up it’s going to be legendary,” he asserts.
Technical Indicators Hint at XRP’s Consolidation Period
Upon hitting a high of 61.01 on September 14, the RSI index has been oscillating sideways, implying that the altcoin may be entering a consolidation period. With the RSI line posited at 56.14, it shows that XRP is neither overbought nor oversold.
Such an event could cause the altcoin to trade within a rangebound pattern, which usually signals market stability. Like the RSI, the MACD reveals a similar consolidation pattern, with the MACD and signal lines converging closely. This could indicate a period of indecision among traders, potentially leading to a short-term price stagnation for the token until a clear trend emerges.
Will the $0.5989 Barrier Break or Hold?
Given October’s historical price action, it is likely that XRP will break above the $0.5989 barrier. In comparison to Bitcoin monthly returns, on-chain data shows the average potential surge for October is 22.90%. If XRP follows this trend, it could potentially witness its price surge toward the $0.7217 threshold, aligning with the 1.618 Fibonacci level.
Conversely, the path forward may not be entirely smooth. XRP might retest the $0.5633 mark along the 50% Fibonacci level, with the potential to reach $0.5483 for potential support before bouncing back stronger. As of press time, the cryptocurrency trades at $0.587, reflecting a 0.74% dip in the last 24 hours.
Also Read: Daily Crypto Update: Bitcoin Gains 2.5%; Fear & Greed Index Shows Greed
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