Analysts believe the window to accumulate XRP at low values is fast closing as XRP staged a surprising comeback, rallying 30% since its dip.
XRP has astonished the crypto market over the past 24 hours, achieving a rare 12% surge in a single day to reclaim the $0.5 mark after nearly a month of trading below it. Impressively, XRP reached an intraday high of $0.5095, representing a 30.27% increase from its July 5 low of $0.3911.
This unexpected resurgence has garnered widespread commendation as XRP engineered this substantial bull run at a time when most leading cryptocurrencies are posting around 3% daily gains. In particular, among the top ten crypto assets, XRP was the best performer.
Time Running out to Amass Cheap XRP
This performance has bolstered the confidence of ambitious market watchers who believe that those hesitant about XRP still have an excellent opportunity to invest, as it is not too late yet.
In a commentary earlier today, analyst Bobby A asserted that the window for accumulating XRP is closing soon. Reacting to the post, many other analysts sided with the sentiment.
The time for accumulating #XRP will soon come to a close. ⚒️
— Bobby A (@Bobby_1111888) July 13, 2024
Notably, XRP has been in a downtrend for the past six years following its all-time high rally. Analysts have viewed its low values during this period as an accumulation range. They expect the asset to break out of this downtrend pattern soon, as suggested by numerous technical indicators.
In reply to Bobby A’s bullish reminder that the window for accumulation is closing, a commenter noted that if XRP mirrors its 2017 patterns, market participants have until August 8 to buy cheap XRP. He believes that what follows is the final goodbye to the long-standing downtrend as XRP transitions to an uptrend.
In other words, buying XRP at $0.5 is still considered a bargain compared to where the asset is expected to head soon.
Where is XRP Headed After Accumulation Period Ends?
Notably, an X user sought Bobby A’s opinion on whether a $10 outlook for XRP this cycle is attainable, and the analyst responded affirmatively. Should this outlook materialize, it would translate to a substantial 1,874% profit from XRP’s current value.
Interestingly, some other keen market observers believe XRP can deliver even more significant profits once its uptrend begins.
For instance, a notable economist in the crypto community, who accurately forecasted XRP’s retest of the $0.39 range six months ago, recently updated his estimation. He now predicts that XRP could rally up to $33 this bull season after hitting that low.