Ripple’s XRP has recently become a focus of cryptocurrency market analysts who expect an increase in the price of the cryptocurrency within the next few months. Community analyst XRP Hawker has predicted that XRP may experience a significant jump, with the price possibly rising to $6.10 by the end of August 2024 before going through a correction and then rising again to $32.
XRP’s Potential Breakout and $6 Target by August’s End
According to Hawker’s analysis, XRP is about to break out from a major descending trendline after a long struggle. This trendline which has proved to be a major resistance level in the months leading to July has denied several breakouts. However, XRP has consistently been trading within the range of $0.46 to $0.49 and has been bouncing back from this level several times.
If XRP can close a candle above this descending trendline, the analyst believes that a large price increase may occur. The expected price of $6.10 is quite high and is almost 981% higher than the current price.
This rally is expected to take place before the end of the August 2024. Post this, there could be a phase of consolidation which could take XRP to $23.8 by September, providing a seed for the next up-move.
Long-Term Outlook: XRP’s Path to $32
As for the short-term prediction, the price may reach $6.10, but the long-term prospects are even more optimistic. XRP Hawker, looking at the charts, predicts that the cryptocurrency will reach $32 by early November, which may well be the peak of the altcoin season.
This forecast is consistent with that of other experts such as Dark Defender who has also set a price target of $36 for XRP with an estimated surge of 6,000%.
The target of $32 is based on the idea that XRP will have one final, strong last move after the correction, which will be supported by the overall market dynamics and the possibility of altcoin season. Such a surge would be one of the most significant price fluctuations in the history of XRP, similar to the advance that occurred in 2017.
Current Market Position and Technical Indicators
At the time of writing, XRP is trading at $0.5643, which indicates that the market is sending mixed signals. The cryptocurrency is trading is currently trading below the middle Bollinger Band at $0.5729 but well above the lower band at $0.5011 and this shows that the market is in a consolidation phase. This phase is most of the time marked by a period of low volatility as the market builds up the momentum for the next move.
The Stochastic RSI, a momentum indicator, is currently hovering around the middle line which means that XRP is not over bought or over sold.
This positioning indicates that the market can potentially move in either direction. If the Stochastic RSI crosses into overbought area it suggests short term price rise, which is in line with the long-term bullish perspective of XRP.
Whale Activity and Market Dynamics
Along with the technical analysis, the on-chain data also showed that there has been a large amount of whale movement in the XRP market. A recent transaction saw 104 million XRP tokens worth $58.2 Million being transferred between two newly generated addresses. Despite the uncertainty regarding the purpose of this transaction, similar large operations usually occur before dramatic changes in the market.
🚨 🚨 🚨 104,400,229 #XRP (58,217,603 USD) transferred from unknown wallet to unknown new wallethttps://t.co/vVJq6Ee9so
— Whale Alert (@whale_alert) August 16, 2024
The transaction appears to be yet another indication of new addresses coming online, which could be due to the purchase of XRP by a new investor or an internal transfer within a crypto exchange. There is no official information as to which exchange was involved, however, speculations are in the direction of Bitvavo, a European crypto trading platform who had previously made large transactions.
This whale activity is happening at a time when the overall crypto market seems to be in transition. Ripple’s XRP has remained above the $0.56 support level during the recent market stagnation, suggesting that traders are poised to enter the market at the first sign of a breakout..
