The price of XRP continues to experience bearish sentiment in line with the broader market, though analysts suggest there is no cause for alarm.
Specifically, cryptocurrency analyst Brett Hill has predicted a bullish momentum for XRP, with the Ripple token potentially reaching the $27 mark. In an X post on August 15, Hill identified crucial support and resistance levels, along with potential targets for the anticipated rally.
According to Hill, XRP is currently holding steady at $0.5509, a level that has repeatedly proven to be a strong foundation for a potential upward move.
XRP price analysis chart. Source: TradingView/Brett Hill
Additionally, the analysis also pointed to an ambitious target range of $13 to $27, contingent on sustained volume and favorable market conditions. Overall, volume is expected to play a critical role in confirming any breakout, with Hill emphasizing that the next leg up for XRP will heavily depend on increased trading volume.
Furthermore, the expert pointed out that technical indicators supported the formation of a bullish pattern, possibly a rounded bottom or a cup-and-handle—both classic bullish continuation patterns. If this pattern completes and breaks out as anticipated, it could signal a strong upward movement for XRP.
XRP forming new wave count
In contrast, another analyst, Cryptoinisghtsuk, noted in an X post on August 16 that XRP may be forming a new wave count. This analysis highlights an Elliott Wave pattern, with recent price action showing a complete five-wave sequence followed by a corrective pattern. Currently, XRP appears to be in the midst of a possible second wave within the next impulsive move.
XRP price analysis chart. Source: TradingView
According to Cryptoinisghtsuk, traders should monitor the support around $0.43, where the price has historically rebounded. If XRP revisits this zone, it could present an attractive entry point for those looking to capitalize on the next upward wave.
The analyst also noted that the Relative Strength Index (RSI) suggests a cooling-off period, indicating that the market may see some consolidation before any significant moves.
It’s important to note that XRP has faced scrutiny over the years for its inability to achieve a significant price breakout in line with general market sentiment. The token has remained below $1 for years, coinciding with Ripple’s protracted legal battle with the Securities and Exchange Commission (SEC).
XRP price analysis
As of press time, XRP was trading at $0.55, having corrected by almost 2% in the last 24 hours. The cryptocurrency is down over 3.5% on the weekly timeframe.
XRP seven-day price chart. Source: Finbold
As XRP continues to hover around key price levels, maintaining its value above $0.55 will likely be crucial, as this mark could serve as an anchor for a potential new high.
Disclaimer:The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
