This is surprising given XRP’s performance in the cryptocurrency market today. an enhance of over 7% during a weekend rally fueled by Bitcoin’s attempt to break through the $65,000 level.
XRP peaked at $0.6304 but closed slightly lower at $0.6131. Even the slightest decline in the asset did not seem to halt its upward momentum, which continues to attract a lot of attention.
Analysts are very positive about the future of altcoin, estimating that price enhance by 25% in the next three months. Lead analyst Bobby A believes that XRP could go up to $33. The reason behind this expert forecast is such technical bullish signals and sturdy market momentum.
According to Bobby A., the formation of this breakout pattern on the monthly chart could be just what XRP needs to trigger a significant price rally once it finally breaks above current resistance levels.
Explosive charge ready to be fired. #XRP ⚒️ photo:twitter.com/93zeWYKgSh
— Bobby A (@Bobby_1111888) August 24, 2024
His initial target was $0.8722, which would represent a 45% enhance from the current price of $0.6014. Achieving this target would confirm a shift from a long-term downtrend to an uptrend, setting the stage for further gains.
This far-reaching milestone did not stop Bobby A from surmising that the cryptocurrency will surely aim for higher targets, including $1.34 and $1.72, once it gains momentum.
Short and medium term prospects
The prediction for Bobby A is beyond the tiny term. After the coin breaks above $0.8722, it is predicted to target $1.34 and $1.72 respectively. These are two key resistance areas that XRP needs to break through to establish a novel uptrend.
The road to these goals will not be sleek, however. Several resistance levels have been identified, all the way back to the previous all-time high above $3, which XRP will need to break before it can achieve these goals.
To add to the positive outlook, another cryptocurrency analyst by the name of DustyBC pointed out that XRP is forming a symmetrical triangle on its chart. The consolidation pattern would slope the upper trendline down and the lower trendline up.
According to DustyBC, if XRP manages to break out of this symmetrical triangle above the upper trendline, it could be interpreted as a sign that the price is ready for a substantial rally. This breakout could be what XRP needs to go even higher.
XRP Long Term Forecasts
Looking ahead, XRP’s prospects remain solid in the long term, with it set to surge by 24.97% over the next three months, CoinCheckup predicts, driven by technical indicators that reflect sturdy momentum.
Its six-month forecast is simply shocking, provided it maintains its 160% growth rate, reflecting sturdy bullish sentiment among investors.
The one-year forecast is almost twice that, at 99%. These long-term predictions set the stage for a possible substantial upside move for XRP. Considering the long-term gains, it looks like XRP will be one of the most promising investments with a lot of growth potential.
The latest results and analysis from key experts indeed paint a promising outlook for XRP. With bullish predictions and huge potential gains hinted at by technical indicators, XRP is sure to make some significant strides in the coming months. It will be vital to monitor key resistance levels, with preparations for potential breakouts as XRP makes headway in the animated cryptocurrency market.
Featured image from Pexels, chart from TradingView
