Ripple News: Analyst Predicts XRP Price Rally – Is $0.66 Possible?

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XRP Price has shown positive signs of growth, breaking key barriers and sparking predictions of reaching $0.66 soon. This relies on XRP staying above $0.50. Ripple, the company behind XRP, recently released a billion XRP tokens, slightly boosting the price. For a sustained rise, it needs to maintain above $0.50. Even though Ripple’s proper party failed to boost the coin price,

XRP Price Prediction – Is ATH on Horizon?

An analyst named Dark Defender pointed out a breakout in XRP’s price, similar to a rally in July after a legal win against the SEC. Dark Defender suggests $0.66 as a potential target if XRP doesn’t dip below $0.50. October usually sees good trading activity in the crypto market, favoring assets like XRP and Bitcoin.

Adding fuel to the fire, a technical pattern points to a possible upward shift. Thanks to Ripple’s latest ‘Clawback’ feature, that is seen as a positive for XRP’s value. This feature adds intensity to enhance control over tokens issued on the ledger, potentially positively impacting XRP’s performance. 

Let’s see how and why it’s important for XRP to achieve a new ATH. 

Analyst Projects a Breakout Rally for XRP

Historically, it’s proven that October is a good samaritan for the crypto market, especially after a relatively quiet third quarter. QCP Capital, a crypto asset trading firm, pointed out historical data indicates this seasonality in the crypto market. If this pattern holds, it could bolster XRP’s performance in the short term. 

In a technical analysis, the analyst highlighted that XRP ended September with a “doji” candlestick pattern. But what this pattern suggests is more interesting: there is a silver lining between buying and selling pressure, hinting at a possible reversal from the recent downtrend. According to the analyst, this could indicate that XRP might move towards $0.66. 

A Long Dive Possible if… 

From here onwards, the analyst sees a long-term channel that may hit resistance levels at $0.91 and $1.33, with the potential for a new all-time high at $5.85 if it surpasses $1.8815. Currently, XRP trades at $0.50797, seeking support at the 38.2% Fibonacci retracement level at $0.5083 on the 4-hour chart.

If XRP can breach this critical resistance level, the analyst anticipates that the all-time high (ATH) will come into play. However, should further capitulation occur, the crypto analyst foresees a substantial support zone ranging from 39 to 46 cents.