XRP Gears up for the Biggest Breakout in Its Price History, Analyst Steph is Crypto Predicts

The XRP price has been trending sideways since Friday, and settling at the $0.53 range this Monday at early UTC hours before 4:00 AM.

The XRP price has been moving sideways since Friday, trading at the $0.53 level on Monday at early UTC hours before 4:00 AM. The current price shows minimal change compared to 24 hours ago, although it remains down by 3% on the one-week time frame and by 10% on the one-month scale. On the other hand, it is only up by 5% in the one-year chart.

The digital asset’s sluggishness is also seen in its minimal 4% increase in trading volume since Sunday, with only $547.17 million XRP being moved between addresses. At the same time, the market cap of the token’s 56.33 billion circulating supply is valued at $29.82 billion.

At press time, XRP still has a long way to go before reaching its all-time high of $3.84 seven years ago.

Imminent Breakout Of XRP

Meanwhile, the market is treading on a cautious path, as shown by the 26-point “Fear” rating in Alternative’s multifactorial Fear & Greed Index, indicating a bearish sentiment in the trajectory of cryptocurrency prices.

For those with a high risk appetite, or simply the adventurous types, this could be a good buying opportunity. A bottom of the trend could only mean that a rally to the upside is on the horizon. This is precisely what one popular analyst on YouTube suggests.

According to Steph is Crypto, XRP could be on its way to a major bull run. For the analyst, the bearish exponential moving average (EMA) ribbons of the token right now are but a repeat of its past crossovers.

The analyst noted that once the trend reaches its bottom, everything could be on its way up. One recent instance where the event led to positive gains was in August last year when XRP climbed by 37%.

A symmetrical triangular pattern on a long-term trend also supports the analyst’s theory. If XRP manages to break at $0.61 from here, then it could propel the price further up. On the contrary, a breach of the $0.50 support could take the price to $0.43-$0.44.

The analyst boldly forecasted XRP’s long-term accumulation to the $40 range based on historical data and Fibonacci readings.

FOMC Meeting

Apart from the resolution of Ripple’s pending appeal in court against the case filed by the US Securities and Exchange Commission (SEC), the next Federal Open Market Committee (FOMC) meeting scheduled on September 17-18 could further catalyze key price action in XRP. These are crucial elements to watch out for because of their direct influence on the digital asset’s price.

For now, we can only wait and see how the magnitude of the anticipated interest rate cut unfolds in the broader crypto market.

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