Analysts Predict – XRP Is on the Threshold of a Major Bull Rally


    World’s top fourth cryptocurrency, which is known to maintain a narrow trend is on the verge of a major breakout.

    Few analysts predict a major bull run for XRP with nearly 30 percent correction in the coming days

Time to Accumulate more XRP

Ripple’s native token XRP is currently trading at $0.246507 at the press time with an uptrend of 1.76 percent. The current parabolic curve in the XRP charts mirrors occurrence of the previous correction. 

XRP price chart (1)

The past plunge in March 2020, entered the correction phase which shot up the price by about 60 percent. The phase initiated at $0.15 to reach $0.23 before it dipped again further in May 2020. Further for a couple of months, it maintained a more or less a constant trend until a surge in the mid of August 2020.

Currently, the digital asset has entered the correction phase after the plunge from $0.31 to $0.23 in the first week of September. Present correction phase managed to gain more than 20 percent surge in the price. 

Also Read: Ripple Exec – No, XRP isn’t Competing with Stablecoin or CBDCs

Analyst Predict a Major Bull Run For XRP

Many crypto followers and analysts believe a major bull run would occur for XRP in the coming days. As per one of the crypto analysts Blockchain Backer, the current correction is very similar in size to the last correction.

As Coinpedia had earlier reported that Ripple’s Swell event is on the way which could impact the XRP price. So it would be interesting to witness, whether XRP pumps sooner or later the Ripple Swell event which is scheduled in the first week of October. 

Ultimately, XRP is expected to break its stagnant trend with a major break out in the coming days. However, many factors do play a major role in the XRP surge that could carry the digital asset above the $1 levels.

Interesting Read: Bitcoin Expected To Attain A New ATH By Oct 2020

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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