XRP Finally Breaks Out of 7-Year Bullish Pennant. Here’s the Significance

On September 28, XRP broke above the $0.60 mark, reaching a peak of $0.6618 on September 29. As of the latest data, XRP is trading at $0.6426, marking a 3.59% increase over the past 24 hours. This surge has led to optimism about its future.

There are ongoing discussions about a potential breakout, and Crypto Michael (@MichaelXBT), a well-known figure in the cryptocurrency community, revealed that the digital asset just broke out of a seven-year-long bullish pennant, a technical pattern suggesting a significant upward movement.

XRP Army Responds

Despite this positive development, the reaction from the broader cryptocurrency community has been mixed. Several users on social media platforms expressed skepticism and concern regarding the sustainability of XRP’s recent price movement.

One user commented on the frequent selling pressure from large holders, predicting that any upward movement would be met with substantial selling from whales, leading to a price drop of approximately 20%. They stated, “Too many big bag holders will dump at every 10%-15% move, crashing it down 20%.”

Another user highlighted the prevailing sentiment of doubt, noting that belief in XRP’s potential has been lost over time. This lack of confidence stems from XRP’s historical performance, which has seen multiple instances of price surges followed by significant corrections.

Furthermore, some community members argue that the current price levels do not show a true breakout. One response suggested that a breakout would only be confirmed if XRP surpasses the $0.90 threshold.

According to this perspective, anything below $0.75 is considered to be within a ranging pattern rather than a definitive breakout. Meanwhile, XRP is expected to continue consolidating as long as it remains below that level.

Some have also expressed disinterest in XRP. This lack of enthusiasm is possibly due to the prolonged underperformance relative to other cryptocurrencies, leading some to shift their focus to more promising assets.

The fear of a false breakout is also contributing to the muted response. Investors are wary of raising their hopes, only to experience a subsequent price decline. This caution is reflected in the community’s reluctance to embrace the recent price movement. As one user noted, “We are scared that it’s not a real breakout, even though we really want it to be. People are afraid to hope.”

However, the days of low prices may be over. A prominent analyst predicted in late August that a breach of the $0.66 resistance level could send XRP to new heights. Its recent retest of that level is a positive sign that a decisive breakthrough is coming.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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