The recent XRP price action and a lack of resistance at the current level suggest new all-time highs could be on the horizon.
XRP joined a broader market downtrend yesterday, retracing nearly 6% from its price at the start of the day. While it remains below the crucial resistance level at $3.40, its sustained consolidation above $3 has bulls optimistic that XRP will target higher prices.
Higher Highs and Higher Lows Trend For XRP
Most recently, analyst VirtualBacon indicated that XRP has been on a classical price uptrend since April’s low of $1.61, rallying in a pattern of higher highs and higher lows. The April low marked a higher low formation, with XRP making higher highs with May’s peak of $2.64.
Another higher low followed when XRP retraced to a low of $1.90 in June. Meanwhile, XRP swung massively from the bottom to a high of $3.66 in July. The analyst identified that the August 3 low of $2.74 marked another higher low formation, and XRP now eyes another northward price action.
However, holding the recent higher low is crucial for XRP. VirtualBacon noted that XRP remains on an uptrend as long as it keeps trading above the $2.74 support area.
XRP Targets With No Resistance in Sight
Moreover, the commentator noted that XRP has broken above the 2018 all-time high, meaning it has no other resistance in sight. It bears mentioning that the real XRP all-time high has been a subject of debate, with outlets like CoinMarketCap setting its XRP all-time high at $3.84, but some markets put it at $3.31.
With that in mind, the analyst stated that there are no existing targets for XRP if it breaks out, as it has already defied all charted resistance levels. As a result, he used the Fibonacci retracement to determine the price targets for XRP’s next leg up for swing trades.
Applying the retracements, he highlighted that the levels at $3.80, $4.10, and $4.47 are the realistic swing targets for XRP. From the current price of $3.12, this marks a 21.7%, 31.4%, and 43.3% increment, respectively.
Interestingly, the Fibonacci retracement shows XRP could go higher to $5.5, but he warned that a target above the 1.00 level for a swing trade is a bit on the high side.
Nonetheless, other analysis views the targets as conservative for XRP. For context, Tony Severino predicted a rally to $12.73 by early September. Moreover, with a possible US XRP spot ETF in view, Kenny Nguyen projects that XRP will reach between $22 and $50.
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