- XRP price broke a key resistance level, with analysts anticipating a potential target of $0.66.
- Ripple is just above the critical level of $0.50, anticipating buying activity after a stagnant September.
- The altcoin could align with the broader bullish market sentiment.
XRP price is showing signs of a potential uptrend after breaking key resistance levels on the daily chart. Crypto analysts remain bullish about the altcoin, suggesting XRP could reach $0.66 in the near term, provided it maintains support above $0.50.
Ripple unlocks $1 billion XRP
Ripple carried out its planned release of one billion XRP tokens from its escrow account at the start of October. The exercise led to a slight price recovery, from $0.51 to $0.52. But a price increase will only be sustained if XRP remains above the key support level of $0.50 this week.
100,000,000 #XRP (51,617,381 USD) locked in escrow at #Ripplehttps://t.co/yRylqslnNz
— Whale Alert (@whale_alert) October 1, 2023
XRP price to visit $0.66, says analyst
Crypto analyst Dark Defender said in a tweet that XRP price has triggered a breakout from its ongoing consolidation. The analyst notes that the last time this happened was in July, when the remittance token rallied 80%. Still, this historic rally was a result of Ripple’s partial victory against the US Securities and Exchange Commission (SEC) on July 13.
If history repeats, XRP price could be preparing for another upswing. According to Dark Defender, $0.66 is the next Fibonacci level that traders can look at this week. However, the level would only be achieved if the altcoin does not breach the support level of $0.50. This is especially important considering that XRP remained stagnant on this level for almost all of September.
XRP/USD 1-day chart
XRP could benefit from overall bullish market sentiment
October usually witnesses strong price action after a relatively subdued third quarter. Crypto asset trading firm QCP Capital noted in its recent report that historic data points out crypto seasonality. This means Bitcoin is set for a strong month, while the rest of the quarter could have mixed results. As a result, XRP could gain from the overall market sentiment in the near term.
Based on Dark Defender's last post, XRP also finished September with a "doji" candlestick pattern. The doji pattern usually indicates a balance in buying and selling pressure and signals a potential reversal from the recent downward trend. According to the analyst, this could also be a positive sign that the XRP price might go up to $0.66.
Meanwhile, Ripple recently introduced a ‘Clawback’ feature to the XRP Ledger. The new feature could be another positive catalyst for the native currency. The proposal, announced on Monday, is set to enhance control over tokens issued on the XRP Ledger.
Also read: Ripple CEO calls out SEC and Chair Gary Gensler, saying, “Everything the SEC cares about, they lost”
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