Top Analyst Says Even XRP is Cooking Something: In a recent post on X, a widely followed technical analyst known as “The Dude” highlighted that even XRP, which often lags in bull runs, is “cooking something.” This statement has sparked excitement among crypto enthusiasts and investors. The post, dated September 21, 2024, suggests that XRP could soon see improved performance. The analyst shared a weekly candlestick pattern for XRP, showing a tightening range, which indicates a potential breakout.
XRP, the token used to operate Ripple Labs’ payments platform, has been in the spotlight for various reasons. One of the main factors driving interest is the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC). The case has been a significant source of uncertainty for XRP investors. However, recent developments have been somewhat favorable for Ripple. A judge ruled that XRP, in itself, is not necessarily a security. This ruling has given Ripple some breathing room and has led to increased optimism among investors.
The analyst’s post comes at a time when the altcoin market is booming. Many altcoins have seen significant gains, and XRP is no exception. The token has shown potential for a massive breakout, according to various analysts. Jason Pizzino, another well-known crypto strategist, recently told his YouTube subscribers that XRP could soar to as high as $3. However, he also warned that XRP faces a lot of upside resistance and needs to significantly outperform against Bitcoin to reach its historic higher levels.
The current price of XRP is around $0.59, and it has been trading in a tight range. The analyst’s candlestick pattern analysis suggests that this range could soon break, leading to a significant price movement. This potential breakout has caught the attention of many in the crypto community. Investors are eagerly watching for any signs of a move.
One of the key factors that could drive XRP’s price higher is the resolution of the legal battle with the SEC. The case has been ongoing since December 2020, and a final settlement could remove a significant overhang on the token. Ripple has been focusing on overseas markets during this period, leading to several impressive client wins in emerging markets. These developments have the potential to boost XRP’s value over the long term.
Another factor that could contribute to XRP’s rise is the adoption of Ripple’s On-Demand Liquidity (ODL) product by U.S. financial institutions. Ripple’s general counsel, Stu Alderoty, recently expressed confidence that U.S. banks would start showing interest in adopting XRP for cross-border transactions. This confidence stems from the recent favorable ruling in the SEC case. If U.S. banks begin to use XRP for money transfers, it could significantly increase the token’s demand and value.
The analyst’s post also highlights the broader altcoin market’s performance. Many altcoins have been performing well, and this positive sentiment could spill over to XRP. The crypto market is known for its volatility, and a positive trend in one segment often leads to gains in others. XRP, with its strong fundamentals and potential catalysts, could be well-positioned to benefit from this trend.
Investors are also keeping an eye on the overall market conditions. The crypto market has been influenced by various macroeconomic factors, including interest rates, inflation, and regulatory developments. Any positive news on these fronts could provide a further boost to XRP and other cryptocurrencies.