In the world of cryptocurrencies, attention has turned back to XRP. Cryptocurrency analyst Brett Hill suggested in a post on his X account on August 12 that the altcoin could reach approximately $60 in the coming weeks. This bold prediction is based on some technical indicators that suggest XRP might enter a strong upward trend.
Predicted Bullish Scenarios for XRP
Currently, positive trends in the Moving Average Convergence Divergence (MACD) indicator show increased buying pressure on XRP. The weekly MACD indicator is forming higher peaks, indicating strong momentum. The fact that the MACD line has crossed above the signal line is interpreted as a classic bullish signal, suggesting that XRP may be entering a potential upward trend.
According to Hill, the critical short-term support level for XRP is at $0.5403. If this support is maintained, the altcoin could achieve significant gains. On the other hand, the $0.6836 level stands out as a resistance point. The analyst predicts that if XRP manages to break this resistance, the price could rise to the range of $50 to $60.
This bullish expectation is also supported by another analyst’s analysis. Analyst Amonyx noted that XRP is preparing for a major price explosion and has formed a symmetric triangle pattern. This pattern is a classic technical model typically seen before significant price movements. Amonyx stated that XRP has been consolidating within this pattern for years and is now approaching the peak of this structure, suggesting that a breakout is on the table. Historical data and volume trends also support this analysis.
Ripple’s Court Victory Supports XRP’s Rise
The potential rise in XRP’s price can be supported by both technical momentum and fundamental factors such as Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) and the broader adoption of its technology. The court’s decision for Ripple to pay a $125 million fine brought victory to the company, minimizing the risk of XRP being classified as a security, and laying a positive foundation for the altcoin’s future value increase.
At the time of writing, XRP is trading at $0.57, down 0.63% in the last 24 hours. Data shows that the altcoin has risen by 12.12% in the past week. Regaining the support level at $0.60 is crucial for the continuation of the upward momentum.
