XRP is confined within an important zone at the moment, which has attracted the attention of traders and analysts. The charts and analyses of the recent period hint at a breakout, with key resistance levels in play. Traders are watching these levels as XRP shows signs of volatility.
Accumulation and Resistance Cycles in XRP
A chart posted by EGRAG Crypto shows the price of XRP over 540 days. Based on this analysis, it becomes apparent that the cryptocurrency has been trading in a sideways pattern since March 13, 2024. Holding and trading on XRP remain ongoing, with an accumulation zone in place for a breakout from the current price range of $0.5324.
#XRP 540 Days Ranging Since March 13th, 2024! 🔥
If you’re getting shaken by these tiny moves, you don’t deserve the MASSIVE MEGA PUMPS that are coming!#XRPArmy STAY STEADY pic.twitter.com/ErNrvkO4F3
— EGRAG CRYPTO (@egragcrypto) September 7, 2024
The analyst points out that since the beginning of 2024, XRP has been experiencing repeated cycles of accumulation and resistance. The chart shows several interest levels, such as the $0.6360 that forms a resistance level. If it crosses this level, XRP might be surging to new highs. Another bullish target is when the price exceeds the next level of $0.7399.
Potential for Bull Run to $40
In another analysis, a video posted by STEPH IS CRYPTO looks at the prospect of XRP reaching the $40 level. The study considers prices moving beyond the current pattern that has been compressed for the past couple of months.
#XRP TO $40!!! YOU ARE SLEEPING ON $XRP!!! pic.twitter.com/3EqMDaSy25
— STEPH IS CRYPTO (@Steph_iscrypto) September 9, 2024
The analyst also points out that when XRP succeeds in crossing the $0.70 level, there is a chance that an even bigger bull run will push the prices toward the $40 phase. To make the comparison, the analyst employs historical data on the bull run that occurred in the financial year 2017. According to the evaluation, once XRP/USD pairs overcome the mentioned technical barriers, the token’s price can skyrocket as it did in 2017.
XRP Set for Bull Run? Historical Patterns Point Major Rally
Another factor that could affect overall market trends is the subsequent Federal Reserve rate cuts. Expectations of rate cuts have previously been a bullish signal for risk-on assets, including cryptocurrencies.
Some of the liquidity levels that traders are paying attention to include the resistance levels of near $0.70. Short liquidity accumulates near $0.665, which could fuel a breakout if XRP surpasses this level. Analysts are divided on the potential outcome, but many agree that XRP is positioned for significant price action in the coming weeks.
