Analyst predicts $20 to be a crucial target price for XRP
Recently, XRP has experienced a decline of nearly 18% from its all-time high of $3.65 in July. According to the analyst XForceGlobal, the current trend indicates a distribution phase followed by a strong bullish movement.
XForceGlobal has identified $20 as the primary target for XRP in this cycle, despite facing significant resistance at the $4 level. However, the analyst is optimistic about the overall bullish outlook on a macro scale. The expert outlined two potential scenarios for XRP: either a strong impulse continuation or a wave 1-2 flat followed by continuation.
The analyst emphasized that there are no signals pointing towards a deeper decline, and a strong upward movement is imminent. Crypto trader Matthew Dixon also noted that XRP is currently trading within a symmetrical triangle on the daily chart. Dixon mentioned that for a bullish breakout confirmation, the price must close above the upper boundary of the triangle at $3, with the next resistance level at $3.66 to sustain the upward trajectory.
Dixon’s analysis suggests that the consolidation within the triangle is part of the distribution phase under Wave Theory, which will be succeeded by an impulse driving XRP to $4. As of now, XRP is trading at $3, with a 3.5% increase in price over the past week. Bitget’s chief analyst Ryan Lee has also highlighted that surpassing key resistance levels could propel the token’s price to $4.
The recent approval of closing the SEC case against Ripple by a US court on August 22 has led market participants to anticipate the approval of an XRP-ETF, which could further boost XRP’s price.
In conclusion, despite the recent correction in XRP’s price, analysts and experts remain optimistic about its future outlook. Key resistance levels and potential breakout points are being closely monitored to determine the next moves in XRP’s price action. With $20 identified as a crucial target and the approval of the SEC case closure, the market awaits further developments that could influence XRP’s price trajectory in the coming days.
