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Following the prediction by prominent cryptocurrency commentator BarriC of a significant price surge for Ripple‘s XRP within the next 30 days, XRP enthusiasts are on high alert. Known for expecting strong uptrends in XRP, BarriC suggested that the current underperformance of the altcoin is a temporary phase and invited investors to accumulate before the accumulation window closes.
Analyst Warns “Low Price Window Closing Quickly”
Currently trading at $0.5504, XRP has underperformed compared to other major cryptocurrencies like BNB and Ethereum during the ongoing market rally. Despite not meeting performance expectations, BarriC is confident that XRP’s price will start to heat up by October and foresees a potential rise above $3 by the end of the year.
The analyst emphasized that those doubting this prediction are simply missing the bigger market picture. The bullish forecast has led to a buying recommendation frenzy among analysts who believe XRP’s current low price window is closing rapidly.
BarriC’s bold prediction follows the general optimism among cryptocurrency market observers for the last quarter of 2024. Notable figures like Ki Young Ju from CryptoQuant consistently raise expectations, pointing to an exciting fourth quarter potentially driven by the launch of an XRP exchange-traded fund (ETF). A spot ETF would make XRP more accessible to institutional investors, potentially triggering significant price increases.
The analyst highlighted that the next six months could be a defining period for XRP, potentially pushing the altcoin to new heights. XRP is currently trading below the 50-day and 200-day Exponential Moving Averages (EMAs), indicating a clear downtrend. A breakout above these two EMAs could suggest an attempt to surpass the resistance level at $0.5739, while a drop below $0.54 would indicate a break in support, potentially triggering a decline towards $0.50.
Technical indicators like the 14-day RSI, currently at 41.65, suggest that XRP is approaching oversold levels, making the $0.50 level a significant support level.
Investors Skeptical Despite Analyst’s Optimism
Despite the analyst’s optimism, not everyone in the XRP community is convinced of the surge. Skeptics seem to be bookmarking BarriC’s prediction, planning to revisit his tweet when the timeline ends, especially if XRP continues to underperform. This situation, while hopeful, indicates that investors remain cautiously optimistic, acknowledging the high volatility in the market and the altcoin’s mixed performance history.
