Analyst eyes XRP price at $0.90 by year-end if it breaks this pattern 
Cryptocurrency Jul 31, 2024 Share
XRP Ledger (XRP) has experienced a bullish run recently, striving to sustain gains above the critical $0.60 mark.
Adding to the speculation, the United States Securities and Exchange Commission (SEC) has scheduled a closed-door Sunshine Act meeting for August 1, fueling discussions about potential regulatory changes that could boost XRP’s performance.
Based on its recent trajectory, crypto analyst Ali Martinez has suggested that the token’s technical indicators point to a bullish trajectory toward the $1 level.
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Technical analysis and key levels to watch
Crypto analyst Ali Martinez notes that XRP’s price has been consolidating within a symmetrical triangle pattern for six years. Martinez anticipates a bullish breakout if XRP surpasses the $0.90 mark, especially in light of the ongoing recovery from a significant dip that drove the token to a 17-month low of $0.3825 on July 5.
XRP price analysis chart. Source: Ali Martinez
The key levels to watch include the 0.382 Fibonacci retracement level at $0.90, a critical resistance level. Surpassing this level could signal the start of a bullish breakout, with further potential to reach the $1 mark.
Currently, XRP is trading slightly above the 0.5 Fibonacci level at $0.60, suggesting a stable support level, with the 0.618 level at $0.40 acting as strong support in case of a downside move.
Market sentiment and overall outlook
In the past five weeks, the number of wallets holding 10,000 XRP or more has surged, marking a six-month high, as reported by Finbold. Santiment‘s data indicates a significant correlation between these large holders and XRP’s market value, underscoring the potential for continued price appreciation.
However, on August 1, Ripple will unlock 1 billion XRP tokens worth over $627 million. This substantial increase in supply could potentially outstrip demand, leading to a decline in XRP’s price if market interest does not match the influx. Investors should closely watch this development as it could significantly influence market dynamics.
XRP price analysis
At press time, XRP is trading at $0.64, with over a 3.5% increase in the past 24 hours.
XRP price seven-day chart. Source: Finbold
Should XRP break out and sustain levels above $0.90, it could continue its bullish trajectory towards $1 by the end of the year.
This positive outlook hinges on maintaining momentum and overcoming key resistance levels. Therefore, it is crucial to monitor these critical levels and market developments for confirmation of this trend.
Investors and traders should remain vigilant, considering both technical indicators and forthcoming market events in their strategic decisions.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.