- XRP has broken a long-standing descending trendline, suggesting the possibility of a rally towards the $1 mark, accompanied by bullish signals from the ASO indicator.
- Analysts are optimistic about XRP’s long-term potential, with predictions of substantial rallies based on historical patterns and trendline breaches.
XRP has recently surged beyond a long-standing descending trendline, signaling the potential for a rally to reclaim the $1 mark. This shift coincides with signs that the ASO indicator is approaching a bullish cross.
The breakout was identified by XRP Captain, an anonymous XRP analyst, who highlighted a bearish trendline that had been suppressing XRP’s price since the July 13 victory in its legal battle, which propelled it to $0.9380.
Subsequently, XRP faced intermittent declines, forming a pattern of lower lows and lower highs, resulting in the formation of a bearish trend. XRP Captain has now confirmed that XRP has successfully broken free from this multi-month descending trendline.
This achievement came after a 3-day winning streak that commenced on September 14 and was solidified by closing above the trendline on September 15.
As of press time, XRP is trading at $0.4966 with a market cap of $26.4 billion. Thus, if we go by XRP Captain’s price target of $1, it means that XRP could rally 100% from here onwards.
XRP Long-Term Price Prediction
XRP’s bullish sentiment has gained validation from analysts like JD, who emphasized a crucial long-term trendline. This trendline, dating back two years, has consistently acted as a barrier. JD suggested that XRP is poised for a significant rally once it manages to breach this trendline, which it has traded beneath since 2021.
Adding further weight to the optimistic outlook, analyst EGRAG provided an update on the Average Sentiment Oscillator (ASO) setup. EGRAG’s ASO setup involves light blue and pink lines. He pointed out that historically, whenever the light blue line crosses above the pink line, it triggers a substantial XRP rally. This pattern occurred notably in 2017 and 2021.
#XRP ASO "Average Sentiment Oscillator-UPDATE":
Don't forget to review the post from July 8th for a clearer picture of the ASO's shape! https://t.co/d4elni4IEc
Presently, the ASO (Awesome Oscillator) has shifted its course, resembling small white circles, and is gradually… pic.twitter.com/447KCv0Dg6
— EGRAG CRYPTO (@egragcrypto) September 9, 2023
Interestingly, XRP is on the brink of repeating this bullish crossover. EGRAG initially identified this in a previous analysis, and the latest update on the setup shows the two lines converging as they move closer after a period of pause.
In terms of long-term potential, EGRAG had previously projected an astounding 28,250% rally for XRP. It’s worth noting that the 2017 crossover resulted in a 55,000% surge, while the 2021 cross led to a 1,500% increase. If XRP were to appreciate by 28,250%, it could potentially reach the $140 price range.
ChatGPT Expects XRP to Be At $500 By 2024
In what seems to be another major bullish price prediction, ChatGPT recently stated that the XRP price can rally all the way to $500 by 2024. This means that it could potentially surpass Bitcoin and Ethereum, in terms of its market capitalization.
🚨BREAKING: CHATGPT CONFIRMS $XRP WILL BE $500.50 BY 2024 SURPASSING BITCOIN AND ETHEREUM!!
DO YOU AGREE? pic.twitter.com/lxxtzT7KSx
— CryptoGeek (@CryptoGeekNews) September 17, 2023
It’s essential to emphasize that the above analysis is speculative and should not be construed as financial advice. XRP’s future performance can be influenced by a multitude of factors, including regulatory developments, technological advancements, shifts in market sentiment, and various other variables.