XRP’s price has experienced significant volatility, recently dropping by 23.7% amid geopolitical tensions and Ripple’s ongoing legal battle with the SEC. The altcoin attempts to bounce back after hitting a low of $0.506. Key support at the $0.50 level is now critical, and traders are closely watching whether this threshold can fuel XRP’s next upward move.
Analysts Weigh In XRP Performace in Bull Run
Prominent analyst EGRAG compares XRP’s consolidation phase to Nvidia’s stock performance, where a remarkable bull run followed Cathie Wood’s early sell-off. EGRAG believes XRP could similarly surprise investors, with the potential for a major rally after this long consolidation. Holding onto XRP now could pay off, mirroring Nvidia’s success after its AI boom.
In his other X post, EGRAG Crypto also explored the worst-case scenario for XRP during this cycle. He pointed out that despite XRP taking a massive hit when the SEC first filed its lawsuit in December 2020, the asset still managed a 10x rally from its low. Based on this past performance, EGRAG suggests that if a similar situation arises after the SEC appeal, XRP could reach the $5 to $6 range, with the potential to extend up to $6.5, touching the Fibonacci 1.618 level.
Despite its ongoing legal battle, XRP has remained strong and continues to rank among the top 10 cryptocurrencies by market value. Another factor that boosted XRP confidence is the recent filling of Bitwise for an XRP Exchange Traded Product (ETP) on September 30, highlighting the asset’s continued appeal despite the challenges it faces.
Technical Analysis: XRP’s Make-or-Break Moment
XRP remains below both its 50-day and 200-day Exponential Moving Averages (EMAs), signaling continued bearish momentum. However, if it can break above the $0.55 resistance, analysts see a path toward the 200-day EMA and a key resistance at $0.5739. On the downside, a failure to hold the $0.50 support could intensify selling pressure, potentially driving the price down to $0.45 or lower.
With a 14-day Relative Strength Index (RSI) of 36.16, XRP is nearing oversold territory, which could draw renewed interest from buyers looking for a rebound. Investors are bracing for either a strong breakout or a deeper plunge, making XRP’s next move one to watch closely.
Is SEC playing with XRP sentiments to constantly pull the triggers to keep it below Bitcoin? We will come to know soon.
