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Following
XRP Chart analysts pointed out that XRP has formed a long-term cup-handle shape, with a target price of US$27.
Chart analyst ChartNerd pointed out this week that XRP has formed a cup-handle shape for 8.5 years, and the token is approaching the 0.618 Fibonacci retracement level, which may lay the foundation for long-term trends, with target prices pointing to US$8, US$13 and US$27 respectively.
This outlook emerged at a time when XRP itself was trading at about $1.06 and was in the midst of a deep correction, with most of the gains over the past year being erased.
The handle shape points to US$8, US$13 and US$27
In a post posted on the X platform on August 4, ChartNerd stated that the XRP handle shape is "one of the largest macrostructures" on the market and that the token is approaching the 0.618 Fibonacci retracement level. The analyst believes this level may support prices towards Fibonacci extended targets of $8,$13 and $27.
In his view, these goals are "not a question of whether they will be, but a question of when." At the same time, he also warned that there is still uncertainty in short-term price movements. The analyst said XRP's recent weakness does not necessarily point to problems with the asset itself, but rather describes it as part of a broader crypto market correction.
This judgment is also accompanied by preconditions. In another post, ChartNerd envisioned a scenario in which XRP would consolidate around $1 for the rest of the year, comparing it to the bottom-building process in June 2022. He mentioned that the Gaussian channel indicator will gradually keep up with prices rather than experiencing a sharp decline first. He sees this scenario as another possibility outside the previous $0.90 to $0.70 target range, rather than a reversal of long-term bullish views. He added that the original target roadmap towards the $1 area was drawn up when XRP was trading around $1.80 to $2.
But not everyone agrees with ChartNerd's numbers. Trader CryptoBull rejected the lower short-term target in a post this week, asserting that XRP would completely skip the $0.87 and $0.73 levels. "For those of you waiting for $0.87 or $0.73, I'll see you at the $23 price," he wrote.
XRP price decline and other analyst views
Other analysts have also focused on XRP's current technical position, including EGRAG CRYSTPTO. He said the Ripple token had lost its 50-day moving average and was approaching its 100-day index moving average, a level the analyst said has historically been important for long-term support.
According to the market observer, if XRP holds on to this area, a move towards the US$1 to US$0.95 range may be just a normal retest. If the token falls to the lower track of the long-term channel, he sets a potential downside target around $0.80, while maintaining target prices of $15,$27 and above $50.
Another analyst, Ali Martinez, also pointed out that $1.06 is a key level that may determine the next move of XRP. In a report on August 4, Martinez said holding on to that price could open the channel for rises to $1.35 and $1.64, while a failure to comply could expose XRP to the risk of falling to $0.62.
As of writing, the asset was trading at approximately US$1.06. CoinGecko data shows it has fallen by about 2% in the past seven days and more than 6% in the past 30 days. Over the past year, XRP has fallen about 65%, still about 71% below its all-time high of $3.65.
