XRP signals strong bullish momentum targeting $60, according to analyst
XRP signals strong bullish momentum targeting $60, according to analyst 
Cryptocurrency Aug 12, 2024 Share
Technical indicators suggest that XRP could be gearing up for a massive rally, potentially positioning the token to hit a new all-time high in double figures.
According to crypto analyst Brett Hill in an X post on August 12, XRP will likely reach a high of about $60 in the coming weeks. This projection is supported by favorable trends in the Moving Average Convergence Divergence (MACD) indicator and critical support and resistance levels.
Notably, the weekly MACD indicator, a key tool for assessing momentum, shows higher highs forming, signifying a significant shift in buying pressure.
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The MACD line has crossed above the signal line, a classic bullish indicator suggesting a potential upward trend. If this momentum continues, XRP could push into uncharted territory, with buying pressure steadily building over the last few weeks.
XRP price analysis chart. Source: TradingView
According to Hill, the critical support level at $0.5403 USDT is a strong foundation for XRP’s price. As long as this support is in place, XRP will be well-positioned for substantial gains. On the other hand, resistance is pegged at $0.6836 USDT. If XRP breaks through this resistance, it could ignite a significant rally, potentially propelling the cryptocurrency to the $50-$60 range.
Imminent XRP price explosion
Additionally, the bullish momentum is supported by analysis shared by Amonyx, who, in an X post, suggested that XRP’s price explosion might be imminent. The analysis indicated that XRP is forming a large, symmetrical triangle pattern, a classic technical setup often seen before substantial price movements.
XRP price analysis chart. Source: TradingView
The asset has been consolidating within this pattern for years, and it now appears to be approaching the apex, where a breakout is likely. Historical data and volume trends support this analysis, pointing to the possibility of XRP reaching new highs once the breakout occurs.
This potential surge in XRP’s price could be fueled by a combination of technical momentum and fundamental factors, including ongoing developments in Ripple’s legal battle and broader adoption of its technology.
It’s worth noting that XRP received a significant boost after a judge ordered Ripple to pay a $125 million civil penalty. The ruling established minimal risk of XRP being classified as a security.
XRP price analysis
As of press time, XRP was trading at $0.57, having surged over 0.6% in the last 24 hours. Over the past week, XRP is up over 15%.
XRP seven-day price chart. Source: Finbold
As XRP seeks to establish momentum, reclaiming the $0.60 support remains a key area.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
