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.
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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. For more detailed insights and predictions about XRP’s price, you can check out this XRP prediction page.
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.
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Also Read: Daily Crypto Update: Bitcoin Gains 2.5%; Fear & Greed Index Shows Greed
