A well-known market watcher has identified the level XRP needs to close above this month, August, to break free from the current consolidation.
For context, XRP has been stuck within a bearish phase over the past week, especially after recovering the $3.35 high on Thursday, Aug. 14. Following this peak, XRP collapsed nearly 6% on the same day, bringing it to the $3 support, and then collapsed another 6.62% five days later to lose the $3 support.
XRP Needs to Close August Above $3.3
Amid the downtrend, several analysts have suggested that a recovery could be on the horizon. However, market commentator EGRAG believes this isn’t likely for now until XRP closes above a particular price level this month of August, with 12 days left.
At the time of his analysis, XRP had already relinquished the $3 support, trading for $2.99 as it looked to recover. The market watcher noted that it must close August above the $3.3 resistance to mount an upward push in September.
Data from his chart shows that XRP had successfully formed and broken out of a double bottom structure or W pattern on the monthly chart. For the uninitiated, a double bottom is a bullish pattern that looks like the letter “W,” formed when the market drops to a low point twice and then rebounds. It often suggests a potential shift to an upward trend.
XRP’s Double Bottom Structure
Notably, XRP formed the first bottom when it dropped from the $3.3 peak in January 2021 to a floor of $0.1050 in March 2020 and then recovered to another high of $1.96 in April 2021. From here, XRP again collapsed to another floor of $0.2879 in June 2022 and then recovered above $2 in December 2024. This formed the second bottom.
Specifically, the neckline of this structure aligned with the $1.96-$2 price region, which XRP broke above in December 2024. However, the pullback and consolidation that lasted from February to July 2025 retested this breakout at the $2 support. The retest was successful in July 2025, with XRP recovering above $3 and trading around that level this month.
EGRAG’s chart shows that XRP would need to reclaim and close August above the $3.3 price level, which aligns with the next resistance trendline, to maintain this breakout and eventually flip the momentum to bullish in September.
September Could Look Good for XRP
Interestingly, EGRAG had already predicted bullish momentum for XRP in September, leveraging a different outlook. In a recent analysis, he suggested that XRP could rally 777% to a new price target of $28 by September 2025.
Closing August on a bullish note could set the stage for this run. Also, media personality Zach Rector predicted that September could lead to greater price levels for XRP. Rector projected last month that XRP could hit $7-$15 from Aug. 23 to Sept. 7.
Meanwhile, other market analysts believe XRP may be on the verge of a breakout. For one, CryptoInsightUK identified a bullish divergence on the XRPETH daily chart, indicating that XRP could outperform Ethereum soon. Also, CrediBULL noted that XRP was showing signs of recovery while ETH looked set to take a breather.
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