The crypto market has entered into a FOMO-like situation

The crypto market has entered into a FOMO-like situation as the price of Bitcoin has achieved a new ATH today during the late Asian trading hours.

The crypto market has entered into a FOMO-like situation as the price of Bitcoin has achieved a new ATH today during the late Asian trading hours. Following this, investors are actively monitoring the market in hopes of a major price action, APA reports.

Following this, top analysts and investors are now turning their optimism toward top altcoins such as Ethereum, XRP, and Solana. In this article, we will understand the analyst’s perspective about XRP price action and conclude with a possible short-term XRP price prediction.

Analysts Turn Optimistic On Bitcoin, Ethereum and XRP

Paul Barron, a well-known crypto analyst with a substantial following of 161.4k has recently posted about the statistics of Bitcoin. This comes after the Bitcoin price achieved a new ATH today. Adding to this, the BTC ETF recorded a constant inflow for 5 days, highlighting a rising optimism in the crypto space.

The Bitcoin price has hit a new ATH today. BTC is now up 10x since March 2023's lows, and the BTC ETF has seen 5 straight days of inflows. Is the bull market over yet? #Bitcoin #cryptocurrency #BTC

— Paul Barron (@Paul_Barron_) August 17, 2024

Moreover, Paul has predicted that Ethereum price will reclaim the $3k mark soon with XRP gearing up for a run toward the $4 mark in the upcoming time.

After today's price action, it looks like we could see a retest of the $3,000 mark for Ethereum. The bulls are still in control here. As for XRP, we might see a move toward the $4 price bracket in the coming days. Both of these altcoins are showing strength despite the recent market weakness.

— Paul Barron (@Paul_Barron_) August 17, 2024

XRP Price Chart Forms Bullish Pattern

The present analysis of the XRP/USDT price chart is based on the time frame of 1 day and focuses on MACD, SMA 50, SMA 100, and SMA 200 indicators.

The Moving Average Convergence Divergence (MACD) records a constant rise in the red histogram with its averages displaying a bearish convergence. This highlights an increase in the selling-over-buying pressure for the altcoin in the cryptocurrency market.

On the other hand, the SMA indicator is on the path of experiencing a bullish crossover in the XRP price chart, hinting at increased price volatility. Considering the present market sentiments, the XRP coin price may continue witnessing increased price action.

When Will XRP Price Hit $4?

A sustained bullish action could result in the price of Ripple token breaching out of its immediate resistance level and heading toward its upper price target of $3. If the bullish sentiment intensifies at that point, this could push the XRP price toward its upper target area of $4 this altcoin season.

However, if the bears outrun the bulls, the Ripple price could drop toward its support trendline of the channel pattern. If the bears gain dominance at that point, this could result in the second largest altcoin plunging toward its lower support level of $2 in the upcoming time.