- With the market showing signs of near-term uncertainty, what’s next for XRP?
- The XRP crowd and market sentiment remain bullish amid expectations of a long-term triangle pattern breakout.
Most of the top cryptocurrencies, including XRP, ended September with overall bullish gains. But can XRP build on September’s bullish momentum into October?
Let’s take a look at how the cryptocurrency has performed over the past four weeks, and what its potential is for the rest of 2024.
Although XRP had a bearish first week of September, it managed to turn things around in the second week.
It managed a strong rally over the past three weeks, resulting in a 31% rise from the September low of $0.502 to the monthly high of $0.664.
XRP made a total gain of 7.6% between the monthly opening price and the monthly closing price.
The cryptocurrency’s performance over the past four weeks pushed the price back to a previously tested resistance zone. XRP had previously retreated several times in July and August after rising above $0.62.
Source: TradingView
Although XRP’s last attempt in September came higher than in July and August, it raises the question of whether this new bullish effort is sustainable.
The cryptocurrency already showed resistance at the end of the month. Moreover, the money flow indicator indicates that there was an outflow of liquidity.
Source: TradingView
On the other hand, it has gained 3% in the past 24 hours, suggesting that XRP holders may be clinging to the prospects of a bullish extension in October. This is in line with current market sentiment.
An actionable outcome?
According to Market ProphetXRP sentiment (both crowd and smart money) has leaned more toward the bulls over the past 24 hours. This protected the cryptocurrency from outflows and supported its recovery over the past 24 hours.
This outcome could provide insight into XRP’s potential performance in the coming weeks. The cryptocurrency is currently on the verge of a breakout long term triangle pattern.
Nevertheless, the market recently showed some level of uncertainty about XRP’s next change in direction. This was clearly visible in the buying and selling volumes, which fell significantly over the past three days.
Source: Hyblock Capital
Both bullish and bearish volumes were equivalent at the time of observation.
Read XRP’s 2024-2025 Price Prediction
Regardless, there was a noticeable decline in volumes over the three-day period, indicating uncertainty about the direction of the market.
Current market sentiment suggests that both retail and smart money are bullish on XRP in September. However, according to on-chain data, the cryptocurrency’s next step is subject to directional uncertainty.