An analyst known as Unipcs, commonly referred to as Bonk Guy, recently expressed his views on the cryptocurrency XRP in a tweet. Although he doesn’t currently hold or trade XRP, he urged caution against bearish sentiment, stating that the chart’s performance is “hard to be bearish on.” He pointed out that XRP has successfully broken a significant downward trendline and continues to show resilience at elevated price levels.
Unipcs shared a four-hour chart indicating that after spiking to $3.66 in July, XRP faced repeated challenges in surpassing a descending resistance line. The price then hit a local bottom of $2.69 on September 1 before staging a recovery, reclaiming the $3 level and working to establish strong support along the trendline.
Currently, XRP is trading at approximately $3.01, showing little notable movement over the last day. Bitcoin, in comparison, recently reclaimed a crucial milestone, surpassing $117,000—its highest point in four weeks. This resurgence in Bitcoin could potentially create a favorable environment for the broader crypto market.
In another analysis, crypto expert Gonzo provided insights into XRP’s current technical setup. He also noted the recent breakout above a major trendline and a successful retest of that breakout level. XRP appears to be maintaining both the 50% Fibonacci retracement level, roughly between $2.94 and $3.00, and the 50-day Simple Moving Average (SMA), suggesting strong underlying support.
Gonzo further emphasized the importance of monitoring XRP’s performance against Bitcoin, specifically the XRP/BTC trading pair. Although it is currently trading below a trendline, it is holding support at the 50-day SMA. A breakout above resistance in the XRP/BTC pair could validate a bullish outlook and trigger an upward move for XRP/USD. Conversely, a rejection could hinder potential gains.
As bullish sentiments begin to build around XRP, various analysts have set their sights on potential price targets. Technical analyst Dark Defender has predicted a target of $5.85, while EGRAG envisions a broader range between $9 and $27 as achievable. Additionally, Jake Claver, CEO of Digital Ascension Group, forecasts that XRP could climb to between $10 and $25 by the end of the year, attributing his optimism to several factors, including potential Federal Reserve rate cuts, XRP ETF approvals, and rising institutional investments.
In summary, both Unipcs and Gonzo see positive technical setups for XRP, reliant on favorable market conditions. The interaction of XRP with Bitcoin’s market trends, alongside a collection of promising fundamental developments, could pave the way for significant price movements in the near future. As always, viewers are reminded to conduct thorough research before making any investment decisions.
