Technical indicators suggest that the XRP cryptocurrency could experience significant growth after confirming a key support zone near $3. According to an analysis published on August 22 on TradingView, the price could reach as high as $6.28.
XRP confirms support: Analyst expects growth to $6.28
According to an expert going by the pseudonym Master Ananda, XRP reached its main low at the end of July and subsequently formed a higher bottom, indicating renewed strength. The analyst described the rebound from the 13-day exponential moving average and the rapid recovery of losses within a few hours as a bullish signal.
The recent decline below $3 lasted five weeks and corresponded to the typical length of a correction. Thanks to confirmed support, Ananda expects XRP to resume its growth trend. The first target price is $4.44, with the short- to medium-term target heading towards $6.28.
Fundamentals and ETFs increase XRP’s chances of growth
In addition to technical analysis, fundamental factors also support XRP. The key event is the end of the dispute between the SEC and Ripple, after which attention will focus on the approval of the spot XRP ETF. Large companies, including Franklin Templeton, Grayscale, and WisdomTree, have already applied for registration. According to Bloomberg Intelligence estimates, the probability of approval is 95%.
At the time of writing, XRP was trading at $2.98. For the cryptocurrency to confirm room for growth, it must maintain a level of around $3. Further momentum could come if the positive mood on the crypto market persists, which would strengthen the chances of reaching new highs.
