A recent downturn has dramatically impacted the altcoin market, with XRP plunging below the critical $3 mark and calling into question bullish predictions for its future. Over the weekend, XRP experienced a drop of more than 11%, a decline attributed to market participants selling off following the first spot XRP Exchange-Traded Fund (ETF) launch. This sell-off, coupled with a broader market pullback, has raised concerns among investors, just as the month of September appeared promising.
Despite these challenges, macroeconomic factors in the U.S. could still support a bullish trend for XRP. Notably, September’s inflation rate has decreased to 2.18%, which bolsters the argument for potential interest rate cuts. Market anticipations of an additional 0.50% in easing measures before the end of the year indicate favorable conditions for a rebound in XRP’s price trajectory.
Recent analysis reveals that XRP’s plummet can be linked to a false breakout from a three-month bull flag pattern, which has momentarily interrupted the upward momentum seen since July. The emergence of a double top pattern has established the significant resistance level at $3.10, leading to a corrective move back to around $2.70.
Current analysis of XRP’s 4-hour chart illustrates these dynamics clearly. While the price touched the lower boundary of the flag’s consolidation, a recent bounce back to $2.80 suggests buy pressure may still be present. The Relative Strength Index (RSI) is currently in the oversold territory at 20, usually indicative of seller fatigue. Interestingly, the last time the RSI hit such lows, it coincided with the commencement of a considerable buyback that fueled the June rally. Additionally, recent activity in the MACD histogram could point to a possible liquidation event rather than the beginning of a sustained downturn.
In the event that buyers make another attempt to break out, the pivotal level of $3.10 will be crucial to turn into support. A successful flip would not only confirm a lasting breakout but could also set sights on the bull flag’s target of $5, representing a potential 70% increase. If macro conditions continue to support U.S. rate cuts and the onset of ETFs as catalysts, aspirations could even soar as high as $10, marking a staggering 255% move in the evolving bull market.
In related developments, some analysts are beginning to reassess their stance on Bitcoin compared to XRP. The leading cryptocurrency is reportedly addressing its long-criticized limitations regarding ecosystem expansion. A new project called Bitcoin Hyper ($HYPER) merges Bitcoin’s robust security with the scalability and speed of Solana, creating a layer-2 network that aims to facilitate previously unattainable use cases.
For years, Bitcoin has faced challenges such as high fees and slow transaction times. Bitcoin Hyper aims to eliminate these hurdles, especially as market sentiment shifts positively. Some analysts predict Bitcoin could reach $250,000 in the current cycle. The Bitcoin Hyper project has raised more than $17.5 million during its presale, and experts suggest that even a fraction of Bitcoin’s trading volume could yield significant returns for early investors.
Interests in Bitcoin Hyper continue to peak ahead of looming exchange listings, prompting the urgency to secure investments before price hikes. As the cryptocurrency landscape evolves, many are advised to stay tuned to updates from the Bitcoin Hyper project via social media platforms.
