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Ripple’s (XRP) at a Crossroads: 15% Upside or a 10% Pullback Coming Next?
The majority of analysts foresee additional gains ahead.
ByDimitar Dzhondzhorov
The past several days have been quite beneficial for the cryptocurrency market, with Ripple’s XRP being among the top performers.
It has rocketed by almost 50% on a weekly scale, and some analysts believe this is only the beginning of a major bull run. Others think the asset stands at a critical turning point where a double-digit correction is also plausible.
Up or Down?
XRP has followed the green wave in the crypto sector and now trades at roughly $1.50 (per CoinGecko), boasting a market capitalization of over $93 billion. At one point, it flipped BNB to become the fourth-biggest digital asset, but shortly after, it returned to number five.
Traditionally, Ripple’s cross-border token is among the most discussed cryptocurrencies and is often the subject of optimistic price predictions (even when there’s little to no volatility or significant developments). Somewhat expected, the latest revival has made analysts even more bullish.
X user CW claimed that XRP has returned inside an ascending channel, adding that a golden cross has occurred between the EMA lines of the RSI indicator. That said, they believe “a bullish rally has begun.”
The rising institutional interest supports the upward scenario. Spot XRP ETFs have accumulated a serious amount of capital lately, with the last red day being August 5. In fact, last week was the best on that front since May.
Despite the overall bullish outlook, X user Diana made a rather cautious forecast. The analyst noted that XRP’s RSI has dropped from extreme overbought territory, which is good news, indicating “momentum is cooling without the entire move being erased – potentially giving the market room to reset before its next major attempt.” She believes that holding the $1.42-$1.30 range could lead to a further surge to $1.70, but losing $1.42 might trigger a pullback below $1.30.
Source: cryptopotato.com