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.
“A confirmed break above it could restart the expansion higher, while losing $1.30 would be the first major warning that the breakout structure is weakening,” the analyst added.
X user ChartNerd also assumed that a correction is plausible, yet opined that such a downfall “will give you one final opportunity.”
Explosion on the Way?
X users Celal Kucuker and Cup have touched on XRP multiple times in the past and did not miss the chance to give their two cents amid the latest rally.
The former predicted that a rise to $6 is “coming soon,” while the latter argued that XRP repeats the same macro structure that sent the asset vertical in 2017. In their view, this could lead to a massive ascent to a new all-time high of $15.
Source: CryptoPotato
