Price Analysis

XRP Price Targets are now Revamped to $0.6, But Will it Make it in October 2022?

Author: Sahana Vibhute

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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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Highlights
  • XRP price maintained an extended consolidation trend, being unaffected by the current market trend

  • The asset has slightly risen above the bearish trend but has not yet certified its rebound, hence carrying the possibilities of rejection ahead

Ripple’s (XRP) price has been preparing for a gigantic move ever since the market collapsed following the Terra crisis. While many other tokens rose to some extent and are presently trapped within a strong consolidation zone, the XRP price has regained the levels it traded just before the market collapsed. While the asset is facing a minor pullback, it displays huge chances of pulling a massive leg up very soon. 

XRP’s price remained largely unattended for the past couple of days as it slashed its volatility. However, from the mid of September, the price rose notably to reach levels above $0.5. While the possibility of a massive breakout emerges, the XRP price is expected to remain under the bullish influence for the rest of the month. 

As seen in the chart, the XRP price is close to completing the bull flag pattern, which may uplift the price beyond $0.51. Here, the bulls may further uplift the price close to $0.6 as the price could have perfectly executed the cup and handle pattern. Therefore, a notable upswing may be extended in the coming days while the rest of the markets continue to trade within a narrow range. 

Presently, the XRP price is trying hard to rebound from $0.45 levels, which may set up an upswing towards $0.6 by the end of the weekly trade. The price has already tested the support and hence appears to be due for a 20% to 30% rally ahead. On the other hand, the rounds of a settlement with the Ripple vs SEC case are circulating within the space.

Hence, a positive move ahead may induce some notable bullish momentum within the XRP price that may rise and reach the required bullish targets soon. 

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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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