Cryptocurrency analysts predict that XRP could rise to $60 based on technical indicators. Analysts state that breaking the $0.6836 resistance level is critical for this rise to occur. It is stated that Ripple's victory in court supports the increase in the value of XRP.
In the cryptocurrency world, eyes are once again on XRP. Cryptocurrency analyst Brett Hill predicted in a post on his X account on August 12 that XRP could reach around $60 in the coming weeks. This ambitious prediction is based on some technical indicators that show that XRP could enter a strong uptrend.
The positive trends currently seen on the Moving Average Convergence Divergence (MACD) indicator indicate increasing buying pressure on XRP. The weekly MACD indicator shows that momentum is strongly increasing by forming higher highs. The MACD line crossing above the signal line is considered a classic bullish signal that XRP is entering a potential uptrend.
According to Hill, the short-term critical support level for XRP is at $0.5403. If this support is maintained, the altcoin can make significant gains. On the other hand, the $0.6836 level stands out as a resistance point. Hill predicts that if XRP breaks this resistance, the price could rise to the $50 to $60 range.
This bullish expectation is also supported by another analyst’s assessment. Analyst Amonyx stated that XRP is preparing for a major price breakout and has formed a symmetrical triangle formation. This formation is a classic technical pattern that is often seen before major price movements. It is stated that XRP has been consolidating in this formation for a long time and is now approaching the top of the formation, so a breakout is possible. Historical data and volume trends also support this analysis.
Ripple’s victory in its legal battle with the U.S. Securities and Exchange Commission (SEC) is supporting XRP’s appreciation. The court’s decision to order Ripple to pay a $125 million fine minimizes the risk of XRP being classified as a security, while providing a positive backdrop for the altcoin’s future appreciation.
At press time, XRP is trading at $0.57, down 0.63% in the last 24 hours. The data shows that the altcoin is up 12.12% in the last week. Regaining the $0.60 support level is critical for XRP to continue its bullish momentum.
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