XRP is hovering between the $2.90-$3 mark in August and remains trading sideways, struggling below its key support. After reaching an all-time high of $3.65, the altcoin headed south with sell-offs and profit bookings. Its price remains under pressure with traders fearing a major drop due to market uncertainties. It could either wipe out all its yearly gains or skyrocket in the charts, but its next course remains unknown.
Cryptocurrency analyst Casitrades took to X sharing a chart highlighting that XRP could reach the $4.80 level with key support. The analyst claims that the altcoin could fall to a low of $2.75 but remains above the wave 1 high around $2.65. The altcoin could bottom out at the $2.65 to $2.75 range and end its corrective wave phase. However, after the correction phase ends, Ripple’s native token has a strong chance of heading toward the $3.21 range.
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Key Support Could Push XRP To $4.80
XRP could build momentum if it reclaims the $3.20 range and enters a breakout phase, with the key support as it marks the psychological level. “Looking ahead, a proper reclaim of $3.21 and a strong break through would begin to confirm that the correction is complete and a new impulse is underway,” read the forecast.
“If this plays out, our next target zone remains between $4.60–$4.80, with the psychological $4.00 level continuing to gain relevance as a likely milestone on the way up.” Despite hovering at several key support levels, XRP has never climbed above the $4 mark. It would be a historical milestone for the altcoin if it touches the $4 level.
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Nonetheless, there is no guarantee that XRP could reach there with key support, as the markets are volatile. It is advised to do thorough research before taking an entry position in the altcoin. Tariffs and trade wars are making the broader markets enter a turbulent phase with the risk of a major crash.
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