Although the cryptocurrency market has slowed down its gains from the past few days and XRP has dropped amid massive liquidations, the third-largest crypto asset by market capitalization is actually looking at a setup that could bring it to a $7 price target.
Indeed, XRP may be back in the $3.10 area, but things are still looking good for it as it continues to retest the breakout from the lows while turning former resistance into support, as pseudonymous crypto expert CryptoBull observed in an X post on August 15.
Specifically, the 4-hour chart shared by CryptoBull shows XRP at $3.08 but also a symmetrical triangle pattern of converging trendlines, as well as a 200-day moving average below $2.40, indicating a strong uptrend relative to long-term support.
XRP expansion paves the way to $7
Additionally, a fellow crypto analyst, Crypto King, has joined in on the optimism, pointing out earlier that XRP was “heating up and institutions are stepping in,” and that, after the completion of the manipulation and accumulation phase, the token was entering the expansion stage.
As the expert added, “the chart and fundamentals are lining up for something massive,” and ignoring this move could cost skeptics “one of the biggest runs of the year,” as XRP targets a whopping $7 price target this cycle.
Meanwhile, another renowned crypto expert, Ali Martinez, noted on August 13 that XRP whales had purchased as much as 320 million of the token in just 72 hours preceding his analysis that saw XRP back on track towards surpassing the $3.60 level that is currently on hold.
Notably, at press time, XRP was trading at the price of $3.10, which suggests a 3.93% drop in the last 24 hours and a decline of 6.69% across the previous seven days, but nonetheless an accumulated increase of 5.04% on its monthly chart, according to the latest data retrieved from CoinMarketCap.
All things considered, XRP might indeed continue towards the psychologically important area of $7, especially taking into account the wave of institutional and whale interest following the favorable completion of the long-running courtroom drama between Ripple and the U.S. Securities and Exchange Commission (SEC).
What do you think?
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