Despite Ripple’s selling spree, which has so far included offloading a total of 350 million XRP from its treasury reserves in September, XRP (XRP) has managed to resist the bearish pressure and has recovered from the brief negative reaction, and one cryptocurrency expert has made a bold prediction.
As it happens, XRP looks like a “time bomb waiting to explode” or, in other words, ready for a massive breakout based on its current chart patterns, according to pseudonymous crypto market expert Mikybull Crypto, who has shared this bold prediction in an X post on September 25.
Why XRP might explode soon
Indeed, as XRP’s technical chart indicates, its 50-period simple moving average (SMA) has recently crossed above the 200-period SMA in the ‘golden cross’ pattern that typically suggests a bullish signal, whereas its relative strength index (RSI) fluctuating between 40 and 60 also points to mild momentum.
XRP technical analysis chart. Source: TradingView
Specifically, the price seems to be consolidating in the tight range of price action and the neutral RSI, and a breakout above the resistance at $0.60 could signal a move up, although breaking down below the support at $0.58 might change send XRP in the opposite direction.
On top of that, another crypto analyst, Altstreet Bets, earlier expressed an opinion that XRP “will break 1$ this year,” as demonstrated through the Elliott Wave Theory and the 5-wave impulse pattern, which sees XRP’s final push to possibly drive it above $1 by October or November 2024.
XRP price performance analysis and prediction. Source: Altstreet Bets
Meanwhile, the recent XRP price action arrives after Ripple recently expressed a position that the United States Federal Reserve’s FedNow project, which aims to intergate traditional banking with decentralized finance (DeFi), would transform payments and, as a result, strengthen XRP adoption.
XRP price analysis
For the time being, XRP is changing hands at the price of $0.58846, indicating a decline of 0.27% in the last 24 hours, gaining 0.29% across the previous week, while reducing its losses over the past month to 0.42%, according to the most recent chart data retrieved on September 26.
XRP price 7-day chart. Source: Finbold
Overall, indicators look exceptionally positive for XRP, and the crypto expert’s prognosis might, indeed, be correct, especially as the altcoin season seems to be starting. However, it is important to remember that trends in the crypto industry can easily change, so doing one’s own research is critical.
The post Crypto expert says XRP looks like a ‘time bomb waiting to explode’ appeared first on Finbold.