XRP investors are still on the lookout for a possible price breakout after the token received legal clarity that minimized the chances of it being reclassified as a security.
This anticipation aligns with an analysis by Egrag Crypto, who believes that the Ripple token is bound for ‘pure fireworks’ ahead. This could mean that XRP will breach the $1 resistance.
In an X post on August 23, the analyst noted that the “Genuine Wake-Up Line”—a critical threshold—signals the next major move for XRP. Despite recent volatility, the analyst maintained that nothing has changed in his stance or targets.
The analysis centered on two key formations: the white triangle, which captures the highs from 2021, and the yellow triangle, indicating the potential for a dramatic upward swing.
XRP is currently holding strong within the $0.55 to $0.60 range. Egrag Crypto emphasized the importance of a weekly close above the $0.64 level, which could pave the way for XRP to test the $0.70 to $0.75 range—the “Genuine Wake-Up Line.” This move is crucial for XRP to break out of its current range and begin a full upward trajectory.
In the short term, the expert expects XRP to reach targets of $1.3 to $1.5 before a potential retest of the triangle breakout. Following this, the analyst anticipates a substantial rally leading to his first primary target at $6.4, which aligns with the Fibonacci 1.618 level.
“$1.3-$1.5 before a retest of the Triangle Breakout. Then, brace yourself for pure fireworks! First Major Target: Fib 1.618 at $6.4,” the expert said.
Looking beyond the immediate future, the analysis suggested that XRP could hit $7.5 as it fully realizes the potential within the yellow triangle.
XRP’s next resistance
In the meantime, another analysis by The Moon highlighted XRP’s potential for a breakout. According to the expert, XRP is currently consolidating within a bullish flag pattern on the one-hour chart, suggesting 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 eye the $0.64 zone as a crucial level for further gains.
Aside from the technical analysis, XRP’s price also depends on other industry-related factors, with the legal case between Ripple and the Securities Exchange Commission (SEC) ranking high among them.
In line with legal matters, XRP Ledger developer Marvin Sunday has accused RippleX and Ripple of allegedly failing to provide financial compensation to participants of the XRPL Ambassadorship program, which concluded in December 2023. Marvin’s accusation has brought attention to the practices of Ripple’s community engagement strategies, raising questions about the management and fulfillment of their promises.
XRP price analysis
As of press time, XRP was trading at $0.59 with minimal gains of less than 0.1% in the last 24 hours. Over the past week, the token has rallied over 5%.
Overall, with technical indicators appearing to favor XRP, the token needs to hold its valuation above the $0.60 resistance zone to confirm any further gains.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Source: https://finbold.com/analyst-sets-xrp-new-price-targets-ahead-of-pure-fireworks/