XRP technical indicators are suggesting the asset is eyeing a possible 107% spike after confirming a major support zone.
This outlook is based on analysis by pseudonymous crypto expert Master Ananda, who noted in an August 22 TradingView post that XRP established its main low during the week of July 28 and has since formed a higher low, signaling renewed strength.
Price action has currently stalled at the 13-day exponential moving average (EMA), where selling pressure was quickly absorbed, leading to a full recovery of losses within hours, a bullish development.
According to Ananda, this rapid rebound indicates room for continued upside, with the retracement phase now appearing to be over.
At the same time, the recent pullback that culminated in a drop below $3, has lasted five weeks since the July 14 peak, aligning with a standard retracement period before the continuation of the main trend.
With support confirmed, Ananda projects that XRP is likely to resume its upward trajectory. The first price target stands at $4.44, with the primary short- to mid-term objective set at $6.28.
XRP price fundamentals
Beyond technicals, XRP is also supported by fundamentals that could trigger a rally. Most notably, following the conclusion of the Securities and Exchange Commission’s (SEC) case against Ripple, attention has shifted to the potential approval of a spot XRP exchange-traded fund (ETF).
To this end, on August 22, a wave of asset managers, including Canary, CoinShares, Franklin Templeton, 21Shares, WisdomTree, Grayscale, and Bitwise, submitted amended registration statements for proposed XRP ETFs.
The move came after a federal appeals court formally dismissed the SEC’s case against Ripple, clearing the way for issuers to act quickly. Bloomberg Intelligence now estimates approval odds for XRP ETFs at 95%.
XRP price analysis
By press time, XRP was trading at $3.03, up more than 7% in the past 24 hours, though down 3% on the weekly chart.
For XRP to realistically target a new high, the token needs to hold the $3 support zone and could receive an additional boost if overall crypto market sentiment remains bullish.
Featured image via Shutterstock
