Analyst Expects XRP to Breach $6, Sets Timeline for Ultimate $32 Target

The market analyst expects XRP to rally to a new all-time high by the end of August following a breakout from a persistent descending trendline.

XRP is poised for a significant rally, according to an analysis by community analyst XRP Hawker. He drew parallels to the market movement in 2017, where XRP experienced a dramatic surge. 

In an accompanying chart, the analyst points to a descending trendline that has been a significant resistance level for XRP throughout the months leading up to July. This trendline, marked by several failed breakout attempts, shows that XRP struggled to break through this level. 

XRP Poised for a Breakout Rally

Despite these breakout attempts, XRP has been consistently recording lower highs since April. However, the chart also spotlights a solid support zone between $0.46 and $0.49, where the price has bounced multiple times.

XRP Hawker expects a potential breakout scenario, suggesting that once XRP convincingly breaches this descending trendline, it could trigger a rally toward higher price levels. This breakout is currently on the horizon as XRP gradually moves toward the apex of the descending triangle.

If his prediction holds, XRP could see its value rise to approximately $6.10 by the end of August. This would mark a 981% price spike from the current position. Following this rise, the analyst expects a corrective phase, bringing the price down to around $2.38 by September. 

Nonetheless, XRP Hawker asserts that this corrective phase would set the stage for a final, aggressive push. According to him, the final push could take XRP to an ultimate target of $32, potentially marking the climax of the altcoin season by early November. Interestingly, analyst Dark Defender also expects a rally to $36.

XRP Current Position

Meanwhile, XRP’s short-term position sends mixed signals for the market amid the ongoing bearishness. Currently changing hands at $0.5643, XRP is trading below the middle Bollinger Band ($0.5729) but above the lower band ($0.5011).

After retesting the middle band (20-day SMA), XRP failed to break above it and has retraced. This suggests that the price is in a consolidation phase, possibly gathering momentum for the next move.

Trading below the middle band often indicates bearish pressure, but the fact that XRP is still above the lower band signals that the market is not in extreme bearish territory. The wider distance between the bands reflects a period of increased volatility, which often precedes a significant move in either direction. 

Moreover, the Stochastic RSI shows that XRP is in the mid-range of the oscillator. This indicates that the market is neither overbought nor oversold, leaving room for either a bullish or bearish move.

If the Stochastic RSI crosses into the overbought territory, we might see a short-term price increase, possibly in line with the broader bullish forecast.