- What’s next for XRP as the market flashes signs of short-term uncertainty?
XRP crowd and market sentiment remains bullish amid expectations of a long-term triangle pattern breakout.
As a seasoned crypto investor with over a decade of experience, I have seen my fair share of market fluctuations and trends. When it comes to XRP, I am cautiously optimistic about its short-term prospects, but I remain focused on the long game.
Major cryptocurrencies like XRP ended September generally experiencing positive price increases. Will XRP sustain the bullish momentum from September into October?
As a researcher, I’m eager to delve into the performance of cryptocurrencies over the past four weeks and speculate about their prospects for the remainder of 2024.
Despite starting off September on a bearish note, XRP was able to reverse its trend during the second week.
Over the past three weeks, it experienced a significant surge, increasing by approximately 31% from its lowest point of $0.502 in September to its highest point of $0.664 this month.
XRP pulled off an overall 7.6% gain from its monthly opening price to its monthly closing price.
Over the past month, the cryptocurrency’s progression has caused its price to reenter an area where it had faced resistance before, a level it had retreated to several times in July and August following brief spikes over $0.62.
In September, XRP made an effort that surpassed its previous attempts in July and August. This leads us to wonder if this recent bullish trend can be maintained.
At the end of last month, the cryptocurrency showed signs of withstanding any further advancements. Moreover, its Money Flow index hints towards a possible buildup of outgoing funds.
From my perspective as a researcher, I observed a 3% increase in XRP‘s value over the past 24 hours. This growth could indicate a possible prolongation of the bullish trend in October for XRP holders, considering the current market sentiment aligns with this prediction.
An actionable outcome?
Based on Market Prophit’s analysis, there was a stronger inclination towards optimism (both among the crowd and sophisticated investors) regarding XRP over the past 24 hours. This bullish sentiment appears to have protected XRP from selling pressure, supporting its recovery during the same period.
As I analyze the current market trends, the recent developments with XRP seem to provide valuable clues about its possible trajectory over the coming weeks. Notably, XRP appears poised for a significant breakout from its prolonged triangular formation in the market.
Despite a recent show of ambiguity, it’s clear that traders are uncertain about the near future price movement of XRP. This uncertainty is reflected in the significant decrease in both buying and selling activity over the past three days.
Both bullish and bearish volumes were evenly matched at the time of observation.
Read XRP’s Price Prediction 2024–2025
Despite this, the trading volumes noticeably decreased over the three-day span, hinting at a lack of clarity about the market’s future trajectory.
Based on the prevailing market mood, it appears that both ordinary investors (retail) and experienced ones (smart money) have a positive outlook towards XRP in September. Nonetheless, according to blockchain statistics, the upcoming action of XRP remains uncertain regarding its direction.
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2024-10-02 03:03