Gauging if XRP’s previous bull run can trigger an extended rally

ambcrypto.com:

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.

After finally snapping the shackles of its extended low volatility phase, XRP jumped above the $0.38-baseline. September-end updates in the SEC v. Ripple lawsuit proved to be a catalyst for its solid bull run over the last few days.

Here’s AMBCrypto’s Price Prediction for XRP for 2023-24

After reversing from the $0.51-level, the altcoin chalked out a bullish pattern on its daily chart. The 200 EMA (green) could reignite rebounding tendencies in the coming sessions.

At press time, XRP was trading at $0.4902.

Source: TradingView, XRP/USDT

While cramming in the $0.3-$0.38 range for nearly three months, XRP highlighted mixed investor sentiments amidst its ongoing lawsuit.

After an expected rebound from the $0.3-baseline, the altcoin witnessed a bullish engulfing candlestick, one that set the stage for an exponential rally. The resultant buying comeback led XRP to finally break above its daily 20/50/200 EMA. 

In the meantime, the altcoin witnessed a bullish pennant-like structure while the buyers inflicted an expected breakout over the last two days. Generally, bullish pennants are more effective in an increasing volume trend. However, XRP noted a decreasing trend during the formation of the pennant. 

A decline below the 200 EMA could open doorways for a near-term retracement. The sellers would look to retest the $0.448-support before a likely revival.

However, a bounce-back from the 200 EMA can extend the ongoing bull run. In this case, the first major resistance would lie in the $0.512-region followed by the $0.56-level. A bullish crossover of the 20/200 EMA could confirm a strong buying edge and