XRP Predicted to Experience Major Bull Run, Analysts Set Goals

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The latest movements in the XRP market have incited a wave of optimism among cryptocurrency enthusiasts and analysts. A 10% increase over the past week has lifted the price to levels not seen in almost a month, maintaining a positive trajectory across most long-term timeframes.

Consequently, some market observers have set optimistic price targets for the cryptocurrency, anticipating that the prolonged consolidation phase is nearing its conclusion.

Could XRP Reclaim $0.75?

XRP faced a significant decline following the lawsuit filed by the US Securities and Exchange Commission (SEC) against Ripple nearly four years ago. The SEC alleged that Ripple had unlawfully sold the cryptocurrency as an “unregistered security.”

The regulatory crackdown led to a cautionary stance among investors, as questions about the token’s legal status and the lawsuit’s outcome loomed large. However, Ripple’s triumph against the SEC has rejuvenated a bullish sentiment among traders, reflecting positively on recent price developments.

Investor and analyst CredibleCrypto believes that XRP’s journey toward a new all-time high (ATH) is a question of “when” rather than “if” following the court’s decision.

The analyst pointed out that since the highs of March, the cryptocurrency has fluctuated between the $0.40 and $0.75 price ranges, only deviating from this pattern in July.

In the view of the analyst, this deviation “intentionally dropped below the range low to deceive breakout traders into acting before the price reverted back into the range and moved in the opposite direction.”

After the August ruling, the token has remained within the $0.55 to $0.64 mid-range but experienced another “deviation” during the early September market pullback. This may indicate that XRP’s price could be set to retest the upper level of the accumulation.

The analyst forecasts that the token will revisit the $0.75 resistance level prior to initiating a significant bull run. However, he cautioned that this scenario is more likely if Bitcoin (BTC) rebounds to the $61,000-$62,000 range “in the near future.”

A Major Breakout Targeting Double-Digits

Credible Crypto also emphasized that XRP is demonstrating “The Mother” of all bullish patterns on the longer timeframes. According to the post, the token appears to exhibit a multi-year bullish pennant pattern that could lead to a breakout.

The analyst asserts that this “near 7-year compression phase will soon conclude,” potentially setting the stage for a “legendary” rally for the cryptocurrency. Furthermore, he mentioned that the breakout targets could exceed the $3.4 level, setting sights on a new ATH as a “bare minimum.”

Post that milestone, the trader suggested that investors could be “eyeing double digits” as the next targets. In a similar vein, Crypto Trader Mikybull noted XRP’s bullish configuration, claiming it displays “one of the most bullish macro charts available.”

Another analyst has indicated that XRP is poised to emerge as one of the standout performers during the next bull cycle. As October approaches, Charlie.eth believes that a “significant recovery seems likely,” which could pave the way for a mid-term target of $2.5 before aiming for a long-term target between $10 and $12.

At the time of writing, XRP’s price has increased by 4% in the last 24 hours, currently trading at $0.58. The cryptocurrency also witnessed a 13.6% rise in its daily market activity, with a daily trading volume of $1.29 billion.