Market experts point out XRP as the only crypto asset that has managed to avoid lower lows in the market downturn, projecting an imminent run above $1.
Recall that the broader cryptocurrency market witnessed its biggest intraday slump on Aug. 5. The market crash sent Bitcoin (BTC), the leading crypto asset, to a six-month low below $50,000. Ethereum (ETH), the second-largest asset, also collapsed to a six-month low around $2.1K.
XRP Avoids Lower Lows
Meanwhile, Solana (SOL) slumped to $110, its lowest price in five months. Notably, all the top cryptocurrencies dropped to lows not seen in months. However, despite XRP being one of the victims of the bloodbath, it displayed better resilience than others.
During the market collapse, XRP only dropped to $0.43120, finding support at the $0.43 price region. The cryptocurrency managed to defend itself against dropping to new monthly loss. For context, during the latest market crash, XRP did not even retest its bottom price of $0.43121, attained on July 10.
Discussing the market condition, pseudonymous Greek-based analyst Doctor Magic confirmed that XRP was the only asset to avoid making lower lows during the dump. According to the market analyst, this reality was a testament to XRP’s strength compared to the rest of the market.
However, he noted that following the crash, XRP’s previous support around $0.51 to $0.58 has now transformed to resistance. The analyst emphasized that XRP would need to reclaim this price range to flip the momentum to bullish in the shorter timeframe. He confirmed that the longer timeframe remains bullish.
XRP Awaiting Wave 3 for a Push Toward $1
So far, XRP has reclaimed $0.51, awaiting greater buying pressure to recapture the rest of the $0.5 territory. Notable analyst CryptoInsightUK noted that XRP is currently in a consolidation or range-bound phase. However, he anticipates the start of a bullish wave 3 capable of breaking above this consolidation phase.
The analyst’s target for this wave 3 is the $1 price, a level XRP has not attained since December 2021. Despite forecasting a push above $1, CryptoInsightUK makes room for a less optimistic push. However, his minimum target for the imminent wave 3 is $0.75.
In response to community queries, the analyst stressed that this $1 target is merely for a shorter timeframe. He had previously predicted the ongoing dump, but the floor price was a bit lower than his target. Nonetheless, he believes the pattern will continue to play out as long as XRP does not hit lower lows.
Currently, XRP changes hands at $0.5138, having increased 1.52% this morning. In a previous post, technical analyst Leb Crypto emphasized that XRP was already on track to reclaim $0.94. The asset would need to breach the resistance from last July to break into this price level.
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