Ripple-related digital currency XRP broke through key resistance levels on its daily chart. Accordingly, he made a remarkable breakthrough. While examining the charts, cryptocurrency analysts express optimism about the future performance of XRP. Some are also predicting a potential rise to $0.66 in the short term. However, this optimistic forecast depends on XRP maintaining its support above the $0.50 level.
Buying activity expectation for XRP
One of the key factors supporting this positive outlook for XRP is its current position just above the critical support level of $0.50. After a relatively quiet September, market participants are expecting a resurgence of buying activity, aligning the altcoin with the broader bullish sentiment prevailing in the cryptocurrency market.
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— Whale Alert (@whale_alert) October 1, 2023
At the beginning of October, Ripple conducted the planned release of one billion XRP tokens from its escrow account. This strategic move led to a modest price recovery. Accordingly, XRP came from $ 0.51 to $ 0.52. However, the sustainability of this price increase largely depends on XRP being able to maintain its position above the key $0.50 support level throughout the week.
Positive opinions from analysts
Crypto analyst Dark Defender expressed his bullish perspective on the XRP price trend. Dark Defender looks at XRP’s breakout from its recent consolidation. He notes that this is similar to a pattern last seen in July, which resulted in an 80% rally. Specifically, this rally occurred following Ripple’s partial legal victory against the US Securities and Exchange Commission (SEC) on July 13.
Dark Defender suggests that XRP price may be ready for the $0.66 level. However, reaching this level will depend on XRP passing the $0.50 level.
Market sentiment and seasonality
October traditionally sees strong price movements in the cryptocurrency market after a relatively stagnant third quarter. Crypto asset trading firm QCP Capital points out the historical seasonality of crypto assets. He also suggests that Bitcoin will have a strong month. This overall positive market sentiment also applies to XRP. Accordingly, it is possible to find more support for the potential upward trajectory.
On the other hand, Dark Defender is looking at September for XRP. Accordingly, he states that he closed with a “doji” candlestick formation. Accordingly, he emphasizes that this formation shows that there is a balance between buying and selling pressure. He also notes that it signals a potential reversal from the previous downtrend. This formation adds to the growing optimism that the price of XRP may indeed reach the $0.66 level.
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