XRP Flat After A 80% Rally In Q3 2024: Are Ripple Bulls Accumulating Targeting $1?

XRP is flat, per the formation in the daily chart. Even though the downtrend remains, the decision for Ripple to cross-appeal the United States SEC decision briefly lifted prices. Presently, the coin is back within the early October trend. Unless there are sharp changes in momentum, lifting XRP above $0.55 and September highs, the downtrend remains. As prices move sideways, there is a high probability of the coin sinking below $0.50, a round number. If this happens, and even with Ripple taking on the strict regulator, XRP may tumble, retesting July lows.

The path of least resistance is northwards, as defined by the Q3 2024. All the same, cracks are forming. The sell-off in early October dented momentum, forcing holders to dump. However, the coin is recovering, buoyed by supportive fundamentals. After the sell-off on October 13, XRP is flat, and trading volume is even lower, below $800 million over the past day.

XRP Daily Chart for October 14

XRP and Ripple traders are watching out for the following news:

  • In the monthly chart, one analyst notices that the coin is inside a large symmetrical triangle. From this arrangement, a positive breakout could see XRP roar to $1.30 in a buy trend continuation formation. Such a pattern represents a 120% surge from around the spot rates.
  • Sentiment remains unchanged despite the recent sell-off in early October. Over 80% of XRP holders expect the coin to recover and rally hard in alignment with Q3 2024 impressive gains.

XRP Price Analysis

XRP/USD is flat at press time and struggling for momentum after the sell-off in early October.

The first support is at $0.50 while resistance is at $0.55.

After an 80% surge in Q3 2024, traders are bullish.

If prices recover, a close above $0.55 may provide entries for risk-on traders.

However, a high-volume rally above $0.66 and September highs might trigger even more gains. This expansion will be the confirmation bulls have been waiting for.

In that event, XRP can easily rally to $0.74 and $1.

Any unexpected dump below $0.50 cancels this forecast.

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ABOUT THE AUTHOR See More
Dalmas Ngetich
Dalmas Ngetich
Technical Analyst and News Reporter
Dalmas is a technical analyst and news reporter covering Forex, commodities, crypto, NFTs, blockchain, DeFi, and blockchain.
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