XRP Price Explosion Coming? 6-Month Chart Signals Big Move

XRP Set for Surge? 6-Month Chart Hints at Major Price Move

XRP price has surged past the key $3 mark following a strong 24-hour rebound from recent lows below $2. The price rose from $2.86, reflecting a 5% gain, signaling renewed bullish momentum across the market. Despite the recent bearish pressure over the past few days, Ripple recovery indicates a shift in investor sentiment.

The broader cryptocurrency market has also shown modest gains during the same period, hinting at a potential trend reversal. Analysts are now increasingly optimistic about XRP’s upward momentum and broader market strength.

XRP Price Breakout Incoming? Here's What the 6-Month Chart Reveals

Crypto analyst Egrag has issued a fresh update on Ripple six-month chart, sparking renewed interest among investors and traders.

According to Egrag, there are exactly four months and 29 days remaining before the current six-month candle closes. He posed a critical question to the community: Will XRP break through its long-standing resistance, or has the peak already passed unnoticed?

Despite market uncertainty, Egrag remains optimistic. He believes the final leg of the price rally is yet to come and expects it to be explosive.

Source: Tweet

Backing his view with technical analysis, Egrag presented two price targets based on different charting methods. Using a non-logarithmic scale, XRP could reach $4.89. However, with a logarithmic scale, the target surges to $48.90 a tenfold difference.

Highlighting this large discrepancy, Egrag emphasized the importance of balanced analysis. He suggested using an average of both targets, which results in a projected price of $27.00.

This midpoint, according to Egrag, offers a more grounded outlook while maintaining bullish potential. 

SEC Launches ProjectCrypto for Industry Feedback

The U.S. Securities and Exchange Commission has started ProjectCrypto: a project headed by Commissioner Hester Peirce. The Crypto Task Force will tour ten cities in the U.S. between August 4 and December 5.

This effort will seek to get feedback on small crypto matters as well as grassroots initiatives. The SEC believes that these roundtables will inform the future crypto regulations

Ripple Eyes Breakout Amid Renewed Bullish Momentum

The Ripple price is trading at $3.0095, displaying early signs of a potential bullish breakout. In the last couple of sessions, XRP has been struggling to gain upwards momentum in a rising parallel channel, providing some respite following a correction in the market.

The price has rebounded at the line of $2.90 which has held well. The XRP can be driven rapidly towards the resistance levels as long as they sustain the bullish channel. The next levels of immediate resistance are set at $3.20, $3.3,0, and $3.40. A breakout of these levels would possibly reveal the targets of the $3.50 and $3.60 levels.

Source: Tradingview

The momentum indicators are slowly becoming positive. The MACD is indicating a bullish cross over as the histogram is printing green bars and the MACD line is crossing above the signal line. This indicates that more bullish pressure is coming along with possible upward movement in value.

In the meantime, the Relative Strength Index (RSI) has the value of 54.26. This is a neutral zone that is slightly above neutral territory or not overbought or oversold.