Prepare for a major bullish setup as an analyst highlights that XRP could hit $40 soon

Posted by cryptonews Crypto News September 11, 2024 2.1k Views

Right now, XRP is primed for a fresh bullish phase, with some analysts putting the alt at extremely high targets.

Today’s 1% decline in XRP’s price to $0.5328 coincides with a 1.5% loss for the cryptocurrency market as a whole over the previous day.

The seventh-largest cryptocurrency on the market, XRP, has now dropped by 4% in a week and by 6.5% in a month, but it has still increased by 11% over the previous year.

Even though this performance is not as impressive as other major tokens (BTC has increased by 120% in a year, for example), it does set the stage for XRP to have a significant compensatory rally in the upcoming months.

Furthermore, a number of analysts have set targets for XRP as high as $40 and are now projecting massive gains for the cryptocurrency.

Get Ready: XRP Could Hit $40 Soon – Analyst Highlights Major Bullish Setup

Given that XRP’s indicators are currently so oversold, a recovery seems likely.

For example, XRP’s relative strength index (purple) has started to rise to 50 after falling below 70 over the weekend.

This could indicate a resurgence of momentum, as the coin’s 30-period moving average (orange) also appears to be about to start rising above the 200-period average (blue).

Source: TradingView

Stated differently, these indicators have been suppressed for a very long time, suggesting that an improvement in fortune is likely to come soon. This is further supported by the fact that XRP’s resistance (red) and support (green) levels will soon cross.

What’s interesting is that some whales have begun accumulating XRP again, taking advantage of its relatively low price.

This would imply that the wise investors are starting to believe that XRP, which is currently trading at a discount, is about to rise once more.

Not only do traders have faith in XRP, but analysts also anticipate significant increases in the coin’s value in the not too distant future.

In fact, one analyst known on X as STEPH IS CRYPTO has recently posted that XRP’s position would now indicate a longer term move to $40.

At $40, the coin is very much in its best-case scenario, having risen 7,400% from its current position and suggesting a market capitalization of approximately $2.25 trillion.

XRP has solid fundamentals, so it is safe to say that not much has changed since Ripple and the SEC finally reached a settlement last month.

Now that Ripple is in a position to expand its operations more proactively, we can expect to see XRP attracting more usage and adoption.

It should reach $1 by the end of the year, before rising towards its ATH of $3.40 in 2025.

Bigger Gains with Newer Altcoins

Since the most well-liked alts can see exponential early gains, they might be a better choice for traders seeking bigger, faster gains.

This is especially true for presale coins, which can raise a lot of money and gain a lot of valuable momentum before being listed on exchanges.

And one of the newest and most interesting presale coins at the moment is Memebet Token (MEMEBET), an Ethereum-based cryptocurrency that launched its sale only a few days ago.

Yet it has already raised $150,000, a sign that it’s quickly attracting converts to its project.

Memebet, as the name implies, will pair its meme token with an online casino that accepts cryptocurrencies, which it intends to open following its sale.

More than 1,000 crypto-native games and a sizable sports book will be available on its platform.

Bets can be made by users using both the native MEMEBET token and well-known coins like Pepe, Dogecoin, Bonk, and Shiba Inu.

MEMEBET holders who wager will be eligible for play-to-earn rewards, as 20% of the coin’s total supply (2 billion MEMEBET) is set aside for rewards.

Another great thing about Memebet is that it has a Telegram casino that does not require KYC, so anyone can play easily from anywhere in the world.

Interested investors can join its sale now by going to the official Memebet Token website and connecting their wallets.

1 MEMEBET currently costs $0.025, although this will rise by $0.001 with every new stage of the sale.

And once it lists, it could rise much, much higher, especially given its strong fundamentals.

Check Out MEMEBET Here

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