Ripple’s XRP has faced a challenging couple of weeks, with a 7% decline bringing its value to around $0.54. However, a recent 3% uptick has pushed the price back to approximately $0.56, according to CoinGecko.
Despite the recent bearish trend, some analysts remain optimistic about XRP’s future, forecasting a potential upward movement. Notably, Crypto Yapper, a popular analyst on X, suggested that XRP has broken out of a significant falling wedge pattern as of September 2, and could be on its way to $0.63.
Other experts, like JAVON MARKS, foresee an even more dramatic surge. MARKS pointed out similarities between XRP’s current behavior and its performance in 2017-2018, which preceded a massive bull run and a new all-time high. He speculated that XRP might be on the verge of a significant rally, possibly reaching heights not seen in the last 6-7 years.
Mando CT, another well-known X user with over 350,000 followers, also predicts a “clear bullish divergence” for XRP. He plans to accumulate more XRP tokens, convinced that the asset’s sentiment remains positive despite Bitcoin’s recent volatility. Mando CT expects a “parabolic” price rally once Ripple finalizes its settlement with the US Securities and Exchange Commission (SEC).
This comes after Judge Torres ruled that Ripple must pay a $125 million fine for securities law violations, a significant reduction from the SEC’s initial demands. Rumors suggest that Ripple might settle with the SEC soon, though no official announcements have been made.
A key indicator suggesting that XRP might be preparing for a significant move is the tightening of the Bollinger Bands, a technical tool used to gauge market volatility. JD, another analyst on X, highlighted last week that these bands have squeezed considerably, a signal that often precedes major price movements. JD speculates that this could lead to a new all-time high for XRP, signaling the potential for significant market action in the near future.
