XRP has begun attracting analysts' attention after its chart resembled that of Bitcoin, which recently confirmed its breakout. An analysis of the current situation predicts possible growth for XRP.
Technical Structure of XRP and Bitcoin Analogies
Analysts began monitoring XRP price after its chart closely mirrored the breakout pattern of Bitcoin. In an uptrend, XRP remains above key levels on daily and weekly charts. The XRP price chart indicates that its movement is tracking Bitcoin's previous trajectory, suggesting that a breakout above this level could signal a similar rally.
Short-Term Price Projections for XRP
Some analysts predict XRP price may rise to the $4-$5 range in the short term. An analysis indicates that closing the previous weekly candle above $3.24, signifying resistance, implies decreasing downside pressure and an impending reversal might be underway. More aggressive predictions extend towards $7-$15 by September 7.
Factors Influencing XRP Price Movement
The current XRP price momentum is also influenced by macro factors and institutional developments. In particular, the GENIUS Act, which discusses digital assets regarding strategic evaluation, has drawn attention. The unlock of 1 billion XRP from Ripple's escrow on August 1 may also impact the market. Advances in payment infrastructure, such as PayPal's support for XRP among other cryptocurrencies, add further value to the asset.
Amidst positive forecasts and active market changes, XRP's growth appears increasingly likely. Analysts remain optimistic about short-term targets, keeping the potential rise to $10 in September in sight.
