Market analysts predict that XRP is expected to rebound and reach a new all-time high by the end of August after breaking out of a persistent downward trendline.
Community analyst XRP Hawker said that XRP is very likely to rise sharply. He compared the current situation with the market trend in 2017, when XRP experienced a sharp rise.
In the accompanying chart, the analyst noted that a descending trendline has been a key resistance level for XRP in the months leading up to July. This trendline has been accompanied by several failed breakout attempts, showing that XRP has had difficulty surpassing this level.
XRP is expected to achieve a breakthrough upward
Despite these breakout attempts, XRP has consistently set lower highs since April. However, the chart also highlights a solid support area between $0.46 and $0.49, where the price has bounced multiple times.
XRP Hawker anticipates a possible breakout scenario, meaning that once XRP successfully and convincingly breaks above this descending trendline, it could trigger an uptick in price. This breakout is imminent as XRP moves closer to the apex of the descending triangle.
If his prediction is accurate, XRP’s value could climb to around $6.10 by the end of August. This would represent a 981% surge from its current position. After that, analysts expect a correction phase that could see prices drop to around $2.38 by September.
Even so, XRP Hawker firmly claims that this correction phase will set the stage for a final positive push. According to him, the final push could take XRP to its final target of $32 and potentially mark the peak of the altcoin season in early November. Interestingly, analyst Dark Defender similarly expects a rise to $36.
XRP Current Status
Meanwhile, XRP’s short-term outlook sends mixed signals to the market amid the ongoing bearish sentiment. Currently trading at $0.5643, XRP is below the middle Bollinger Band ($0.5729) but above the lower Bollinger Band ($0.5011).
After retesting the middle band (20-day SMA), XRP failed to break out of it and retreated. This suggests that the price is in a consolidation phase, perhaps gathering strength for the next move.
Trading below the mid-band usually hints at bearish pressure, although the fact that XRP is still trading above the lower band suggests that the market is not in extremely bearish territory. Larger distances between bands indicate more pronounced periods of heightened volatility, which often signal significant moves in either direction.
Furthermore, the Stochastic RSI shows that XRP is in the middle range of the oscillator. This suggests that the market is neither overbought nor oversold, leaving room for either bullish or bearish moves.
If the Stochastic RSI moves into overbought territory, we may witness a short-term price rally, possibly in line with a broader bullish forecast.
