XRP’s recent price action has sparked broader bullish sentiment among cryptocurrency investors and analysts. The cryptocurrency’s 10 percent gain in the past week has pushed the price above levels not seen in almost a month, continuing its green performance on most long-term time frames.

As a result, some market observers have set bullish targets for the cryptocurrency, saying that the multi-year consolidation will soon come to an end.

XRP to regain $0.75?

The price of XRP fell dramatically when the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple almost four years ago. The SEC alleged that the company illegally sold the cryptocurrency as an “unregistered security.”

The crypto crackdown has driven investors away from the token as uncertainty about the token’s status and the outcome of the lawsuit has grown. However, Ripple’s victory over the SEC has sparked bullish sentiment among users, mirroring recent price action.

CredibleCrypto investor and analyst believes that XRP reaching a recent all-time high (ATH) is a matter of “when” and not “if” following the court ruling.

Analyst excellent that since the March peak, the cryptocurrency’s price has been trading in the $0.40-$0.75 range, with only a “deviation” from this level in July.

According to the trader, the deviation “is forcibly pushed below the lower range to trick breakout traders into buying/selling before price reenters the range and heads in the opposite direction.”

Following the August ruling, the token oscillated between mid-$0.55 and $0.64 levels, but recently saw another “deviation” during the September market correction. This could suggest that XRP price is poised to retest the upper accumulation level.

The analyst believes the token will retest the $0.75 resistance level before beginning its massive bull run. However, he noted that this scenario is likely to only happen if Bitcoin (BTC) rebounds to the $61,000-$62,000 price zone “relatively soon.”

Huge breakout points to double-digit numbers

Reliable crypto too illuminated that XRP is displaying the “Mother” of all bullish patterns on longer time frames. According to the post, the token is apparently displaying a multi-year bullish pennant pattern that could lead to a breakout.

The analyst believes that this “nearly 7-year compression will end soon,” which could result in a “legendary” rally for the cryptocurrency. He further added that possible breakout targets will be above the $3.4 level as it is set to reach a recent ATH at the “low.”

After this target, the trader stated that investors will be “looking at double-digit results” for the next targets. Similarly, Crypto Trader Mikybull excellent Bullish XRP pattern that claims to display “one of the most bullish macro charts in existence.”

Another analyst also suggested that XRP will be one of the top performers during the upcoming bull run. As October approaches, Charlie.eth is considering that “a significant recovery seems likely,” which could lead to a medium-term target of $2.50 before seeking a longer-term target of between $10 and $12.

At the time of writing, XRP price has seen a 4% raise in the last 24 hours, trading at $0.58. The cryptocurrency also saw a 13.6% raise in daily market activity, reaching a daily trading volume of $1.29 billion.

Featured image from Unsplash.com, chart from TradingView.com