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Despite registering sizable gains over the weekend, XRP was off to a relatively slow start this week. Notably, the seventh-largest crypto asset saw its value surge as high as $0.66 last week. This growth comes amid a spike in whale accumulations of XRP over the past few days.
Popular analyst Ali Martinez highlighted this trend on Sunday, tweeting, “Ripple whales have bought over 470 million $XRP in the past 10 days”.
That said, as interest grows, some experts are predicting an even more significant surge for XRP, with a consensus forming around the idea that it is on the verge of a major breakout from a six to seven-year consolidation pattern.
In an analysis, analyst Javon Marks recently suggested that XRP has broken out of a nearly seven-year pennant pattern, emphasizing that the coin’s value could climb astronomically if it maintains this upward momentum.
“XRP is currently broken out of this ≈6.69 Year Pennant Pattern, and with a hold of this current break + a Full Logarithmic Follow-Through afterwards, prices of XRP can reach up to $200 in an over 30,000% climb from here,” he tweeted.
Meanwhile, analyst MickyBullcrypto expressed a more conservative outlook for the shorter term, suggesting that XRP could hit $10-$20 this cycle if it breaks out of a smaller 3-year triangle pattern. $XRP might hit $10-$20 this cycle.
“The amount of bearish sentiment around this asset makes it possible to pull such returns,” the pundit further emphasized.
However, not all voices are optimistic. Egrag Crypto, another prominent analyst, weighed in on the Average Sentiment Oscillator (ASO), a tool designed to gauge market emotions. He pointed out that the current market cycle delivers mixed signals, with the ASO’s current formation diverging from historical trends.
Egrag remarked that overall sentiment seems erratic, complicating the assessment of whether the market is overbought or oversold from a macro perspective. He elaborated on XRP traders’ difficulties, stating, “We can’t tell if the market is overbought or oversold from a MACRO perspective. Divergence isn’t clear It’s tough to spot a clear trend confirmation or reversal right now.”
“With high conviction, I believe XRP is being heavily manipulated. It has been stuck in a range for three years without a clear trend direction. My advice? HODL tight until we see significant price movements,” he added.
At press time, XRP was trading at $0.53, reflecting a 0.08% decline over the past 24 hours. In contrast, its buy-side volume surged by over 48% to $2.66 billion during the same period, signaling renewed investor interest.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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Nermeen Nabil Khear