TL;DR
- Ripple’s XRP has risen lately, supported by positive news, though some analysts warn of a potential sharp decline.
- Other experts remain bullish, expecting XRP to continue climbing, possibly hitting $0.66 soon.
‘The Breakdown Will be Violent’
Ripple’s XRP has experienced a substantial uptick in the past two weeks, with its price increasing by 9% and currently trading at around $0.58 (per CoinGecko’s data).
Some of the main factors playing a role for the resurgence include Grayscale’s decision to launch a dedicated Ripple Trust and the US Federal Reserve which decreased interest rates by 0.5% for the first time in four years. The second element benefited the entire digital asset sector which flashed green shortly after the announcement. Bitcoin, for instance, briefly surpassed $64,000, while the global crypto market capitalization exceeded $2.3 trillion.
And while many analysts expect XRP to continue its uptrend in the near future, others predicted a painful scenario for the bulls. The X user JACKIS recently forecasted a “violent breakdown” for the token’s price, warning investors to take measures.
“The trendline is super weak & the distribution is too long,” the popular trader argued.
Some of those commenting below the post did not share the same thesis, claiming XRP is poised for further gains. ALTSTEIN TRADE, on the other hand, described the prediction as an “interesting take,” envisioning a “rough” collapse if the asset’s valuation breaks down.
The Optimists
As mentioned above, many other market observers remain bullish that XRP’s price has yet to soar to new dimensions. The X user Bitlord, for example, thinks the token is ready to experience a “parabolic explosion vertically “in the short term.
“The amount of hate XRP gets is phenomenal Fact is, last time I called Ripple it moved a few billion. Topped it, too. Now I’d like to see that party start up again, ” they added.
Dark Defender and The Great Mattsby chipped in, too. The former thinks XRP could soon hit $0.66, while the latter found similarities between the token’s price chart and the performance of Tesla (TSLA) during the 2010s.
Over that decade, the stock’s value surged from under $2 to as high as $30. The EV behemoth kept gaining momentum in the years that followed, and today (September 24), TSLA shares are close to $250. It’s an interesting comparison, especially considering the two assets have virtually no similarities.
