XRP Prepares for New Push After Price Fails to Break $0.60 Since July
XRP is trading below $0.60 since mid-July but is now putting pressure on the level. A breakout could mean XRP is headed to $1.
Key Takeaways
- XRP forms a symmetrical triangle after a strong price rise.
- A breakout above the resistance could push XRP to $0.80 or higher.
- Failure to break resistance may lead to retesting the $0.50 area.
XRP has experienced a notable price increase, forming a symmetrical triangle after a significant run-up in July.
This corrective phase could lead to a breakout or a retest of support, with potential upside targets around $0.80 or higher.
XRP Price Analysis
XRP saw a significant price increase, rising from a low of $0.38 on July 5 to a high of $0.66 on July 31.
Since then, the price has created a series of lower highs but has managed to maintain higher lows, forming a symmetrical triangle pattern.
This symmetrical triangle represents a corrective phase with two potential outcomes. As XRP interacts with its resistance level, the price may break out or face rejection.
Read more: XRP Price Prediction 2024
If the correction ended at the Sept. 6 low of $0.50, this upward movement could start a new impulse wave, leading to a breakout above the descending resistance.
Alternatively, the correction could still have one more higher low to form, completing an ABCDE pattern before moving higher.
In either case, XRP is likely to make a move of similar length to its previous run-up, targeting a price of around $0.80. If the bullish phase strengthens, XRP could aim for even higher levels, possibly reaching the $1 mark.
XRP Price Prediction
Zooming into the hourly chart and examining the wave structure, there is a strong chance a new five-wave impulse began on July 5.
If this is true, the following descending structure is its wave correction, with wave three starting on Sept. 6. If we see a breakout above, it would be a lower-degree wave five and the first significant sign of a larger starting uptrend.
XRP would be expected to reach $0.86 at the 1.618 Fibonacci extension level. This would be its wave 3 of the higher degree count, meaning another high would bring XRP to $1 for its final wave.
There is a chance it will be headed down to retest the $0.50 area again. But only if the price doesn’t break down from the descending resistance it is currently facing.
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