XRP Poised to Explode by 981% to Hit New All-Time High by End of August, Market Analyst Predicts
- PHPzOriginal
- 2024-08-17 18:29:20730browse
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.
Market analysis suggests XRP could rally to a new all-time high by August.
A descending trendline has acted as a key resistance level for XRP.
Despite breakout attempts, XRP has recorded lower highs since April.
A breakout from the descending trendline could spark a rally to $6.10 by August.
After a corrective phase, XRP might rally to $32 by early November.
According to the analysis, XRP is positioned for a breakout scenario. A descending trendline has served as a crucial resistance level for XRP throughout the months leading up to July. This trendline is evident in several failed breakout attempts, showcasing XRP’s difficulty in breaking through this level.
Despite these breakout attempts, XRP has been continuously recording lower highs since April. However, the chart also highlights a strong support zone between $0.46 and $0.49, where the price has bounced multiple times.
A potential breakout scenario, as suggested by XRP Hawker, is 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 this prediction unfolds, 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 analysis anticipates a corrective phase, bringing the price down to around $2.38 by September.
However, this corrective phase, according to XRP Hawker, would pave the way for a final, aggressive push. This final push, as suggested by the analysis, could take XRP to an ultimate target of $32, potentially marking the climax of the altcoin season by early November. Notably, another analysis by Dark Defender also anticipates a rally to $36.
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