🔮 XRP Price Outlook: Potential 20% Rally in August
Technical analysis suggests XRP might be poised for a short-term rebound, potentially rising 20% to around $3.60-$3.65 by the end of August. Key bullish signals include:
1. Bullish Divergence: On the 4-hour chart, XRP's price is making lower lows while the RSI indicator makes higher lows, indicating weakening selling pressure.
2. Dragonfly Doji: A bullish reversal candlestick pattern appeared on the daily chart, similar to one preceding a 65% bounce in April.
3. Falling Wedge Pattern: A bullish reversal setup is forming on the 4-hour chart. A breakout above its upper trendline could trigger the projected rally.
Critical Support: The $2.80-$2.95 price zone is identified as a crucial "make-or-break" support level. Maintaining above this range is seen as vital for sustaining the bullish momentum. Analysts warn this support must hold for the upside potential to materialize.