It’s a surprising performance for XRP in the crypto market today, alone spiking over 7% during the weekend rally led by Bitcoin’s attempt to breach the $65,000 mark.
XRP made a high of $0.6304 but closed a bit lower at $0.6131. Even the slightest drop in this asset seemed to not deter its upward momentum, which continues to gain much attention.
Analysts are highly positive about the future of the altcoin, estimating a price increase of 25% in the next three months. The top analyst, Bobby A, believes that the value of XRP could go as high as $33. The reason for this projection by experts includes such technical bullish signs and strong momentum in the market.
According to Bobby A, the formation of this breakout pattern on the monthly chart may be what XRP needs to drive a substantial price surge once it finally breaks above current resistance levels.
An explosive charge ready to go high order. #XRP ⚒️ pic.twitter.com/93zeWYKgSh
— Bobby A (@Bobby_1111888) August 24, 2024
His initial target is $0.8722, which was a 45% increase from its current price of $0.6014. Achieving this target would confirm a transition from a long-term bearish trend into a bullish one, setting the stage for further gains.
This far-reaching milestone would not stop Bobby A from surmising that the cryptocurrency will surely aim for higher targets, including $1.34 and $1.72, once it picks up momentum.
Short-Term And Medium-Term Outlook
Projections for Bobby A go beyond the short term. After the coin has broken above $0.8722, it is projected to gun for targets of $1.34 and $1.72, respectively. These are both key resistance areas that XRP has to break for it to establish a new bullish trend.
The path to these targets is not going to be smooth, though. Several resistance levels, all the way up to the previous all-time high above $3, were identified that XRP will have to break before ever reaching those targets.
To add to the positive view, another crypto analyst with the alias DustyBC pointed out that XRP was forming a symmetrical triangle in its chart. A consolidation pattern would slope the upper trendline downwards and the lower trendline upwards.
According to DustyBC, if XRP manages to break out of this symmetrical triangle above the upper trendline, it could be interpreted to mean that the price is due for a major surge. This breakout might be needed to drive XRP up higher.
XRP Long-Term Projections
Looking forward further, the prospects of XRP are still decent in the long run. In another three months, it could appreciate by 24.97%, as CoinCheckup projects, driven by technical indicators that reflect strong momentum.
Its six-month forecast is simply explosive, provided that it stays consistent at 160% growth, reflecting robust bullish sentiment among traders.
The one-year projection comes in at almost double, at 99%. These long-term projections set the stage for possible large upward movements of XRP. When considering the long-term gains, it looks like XRP will be one of the most promising investments with large potential growth.
The recent performance and analysis by key experts do present promising prospects for XRP. Forecasting bullish and indicating enormous potential gains with technical indicators, XRP is bound to make some notable advances over the coming months. Key resistance levels will be important to monitor, with preparation in place for potential breakouts as XRP makes its strides in the dynamic crypto market.
Featured image from Pexels, chart from TradingView