XRP Hovers Near $2.93, Analysts Debate Path to $4
XRP's future trajectory is under scrutiny as it hovers near $2.93, with analysts debating whether it can maintain momentum to hit $4. This would mark a significant return to levels not seen in years, representing a 36% rise from current prices.
XRP has been volatile in the stock market today, trading between $2.60 and $3.20. However, it has formed a bullish pennant pattern after a strong climb earlier this year. This pattern typically signals a continuation of the previous trend, implying a potential breakout. Analysts like Clay predict XRP could surge to $4 if momentum is sustained, dismissing bearish interpretations. Market watchers await volume confirmation to validate this breakout path. The upcoming regulatory decisions on XRP ETF approvals in mid to late October could drive significant capital inflows, influencing XRP's potential to reach $4. Strong institutional interest, trading volume, and broader market momentum, including Bitcoin price movements, also play crucial roles in confirming this development.
Traders are divided, with some expressing caution, questioning whether the structure could resemble a bearish triangle. A clean break above the descending trendline would validate Clay's outlook, with traders looking for confirmation through rising volume.
XRP's potential to reach $4 in the near term is uncertain, with analysts and traders debating the cryptocurrency's trajectory. The outcome depends on sustained momentum, regulatory decisions, institutional interest, and broader market conditions. Market watchers eagerly await volume confirmation and regulatory news to validate XRP's breakout path.
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