XRP investors are still expecting a possible price breakout after the token received legal clarity that minimized the chances of it being reclassified as a security.
This expectation is consistent with the analysis conducted Egrag Cryptowho believes that the Ripple token is set for “pure fireworks” ahead. This could mean that XRP will break through the $1 resistance.
In X’s August 23 post, the analyst noted that the “true awakening line” — a critical threshold — signals the next big move for XRP. Despite the recent volatility, the analyst maintains that nothing has changed in his stance or goals.
The analysis focused on two key patterns: the white triangle, which covers the 2021 highs, and the yellow triangle, which indicates the potential for a sharp rise.
XRP is currently trading in the range of $0.55 to $0.60. Egrag Crypto The importance of a weekly close above $0.64 is highlighted, which could pave the way for XRP to test the $0.70 to $0.75 range, the “true awakening line.” This move is critical for XRP to break out of the current range and begin a full-fledged upward trajectory.
In the short term, the expert expects XRP to reach its $1.3–$1.5 targets before a potential retest of the triangle breakout. After that, the analyst expects a significant rally leading to his first major target at $6.4, which coincides with the 1.618 Fibonacci level.
“$1.3-$1.5 before retesting the triangle breakout. Then get ready for pure fireworks! First big target: 1.618 Fibonacci level at $6.4,” the expert said.
The analysis showed that XRP could reach $7.5 in the near future as it realizes its full potential in the yellow triangle.
XRP’s Next Resistance
At the same time, another analysis was conducted Moon highlighted XRP’s potential for a breakout. According to the expert, XRP is currently consolidating within a bull flag on the hourly chart, indicating a possible continuation of its recent upward momentum.
If XRP breaks out of this flag to the upside, it could target the next major resistance level at $0.64. This potential breakout could signal a significant rally as traders view the $0.64 zone as a critical level for further gains.
Apart from technical analysis, the price of XRP is also affected by other industry factors, among which the litigation between Ripple and the Securities and Exchange Commission (SEC) plays a major role.
In a legal filing, XRP Ledger developer Marvin Sunday accused RippleX and Ripple of allegedly failing to pay financial compensation to participants in the XRPL Ambassadorship program, which ended in December 2023. Marvin’s accusation has brought attention to the practices of Ripple’s community engagement strategies, calling into question their governance and delivery on their promises.
XRP Price Analysis
At press time, XRP was trading at $0.59, up less than 0.1% over the past 24 hours. The token has gained more than 5% over the past week.
Overall, as technical indicators seem to favor XRP, the token needs to maintain its valuation above the $0.60 resistance zone to confirm further gains.
Disclaimer: The content of this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
