Is XRP Poised for a Massive 470% Breakout? Analysts Weigh In Oliver Dale | usagoldmines.com

Crypto analysts are eyeing bullish signals for XRP based on key technical indicators, despite the token’s recent sideways price action.

Popular analyst Ali Martinez (@ali_charts on X, formerly Twitter) recently highlighted that the SuperTrend indicator, a trend-following tool, has flipped bullish on the XRP/USDT trading pair’s 12-hour chart. Historically, this pattern has preceded major price surges for XRP.

“The last time the SuperTrend indicator flipped bullish on the 12-hour chart, XRP went up 470%,” Martinez noted in a post on X. “It just flipped bullish again.”

The SuperTrend indicator, developed by Olivier Seban, helps traders identify the prevailing market trend by dynamically adjusting based on volatility. It utilizes the Average True Range (ATR) with a multiplier, commonly set to 3, to plot a line above or below the price. The indicator switches position when the price crosses these levels.

A bullish flip, as seen now on XRP’s chart, occurs when the SuperTrend moves below the price, signaling a potential uptrend is forming. Conversely, a bearish flip happens when the indicator moves above the price.

If history repeats itself, XRP could be on the cusp of a major upswing. The last time the SuperTrend flashed a buy signal on the 12-hour timeframe, XRP went on to surge nearly 500% before the rally stalled.

However, technical indicators alone don’t guarantee future price action. Fundamental factors like regulatory developments, adoption, and overall market sentiment also play a key role in XRP’s trajectory.

Other analysts are also seeing bullish potential for XRP based on their analysis of the charts. One prediction making the rounds is that XRP could be targeting a move to $3.00 if it can break through key resistance levels in the near-term.

At the time of writing, XRP trades at $0.71, up approximately 1% over the past 24 hours. The 6th largest cryptocurrency by market cap has largely traded sideways in recent weeks as the broader crypto market remains range-bound.

XRP saw a major boost in September 2022 on news that Ripple, the company closely associated with the token, had scored a partial victory in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). However, the full resolution of that case is still pending.

In the near-term, traders are eyeing $0.75 as a key level for XRP to reclaim in order to open the door for a push higher. On the downside, a drop below support around $0.65 could accelerate selling pressure.