thecryptobasic.com
Prominent market analyst Michael van de Poppe has shared two levels he would be interested in $XRP again following rejection from crucial resistance.
Notably, he shared on his X handle on August 12 that $XRP has again stuttered at the sight of the $3.40 resistance. The third-largest cryptocurrency by market cap rose to an intraday high of $3.33 on Monday but quickly retreated amid the strong supply wall around the level.
Losing the resistance level saw it close at $3.13, posting its fourth consecutive red candlestick on the daily timeframe. While $XRP has shown northward momentum today with its near 2% growth, the analyst insinuates it is all noise until either of the two scenarios he identified in his tweet plays out.
Following the top was a phase of price correction, where $XRP failed to break above a descending resistance originating from its January high of $3.40. The token consolidated below the trendline for five months until breaking out in early July.
After the breakout, $XRP retested the $3.40 resistance and temporarily broke above it to a multi-year high of $3.66 the same month. Nonetheless, the bullish momentum quenched there, with $XRP dumping from the area to $2.73 on August 3.
Either $3.40 or $XRP goes to $2.40
Notably, $XRP still struggles to trade above the $3.40 resistance area, and van de Poppe notes that the trend either changes or further corrections would follow. He emphasized that $XRP would interest him when it reclaims the crucial level or dumps to between $2.60 and $2.40.
The support level between $2.60 and $2.40 is a former resistance zone where $XRP stalled several times between December and now. It struggled at that level in December 2024 despite the Trump-inspired bullish momentum before breaking free in January.
$XRP also struggled around the area twice in March and May. It reached highs of $2.64 and $2.58 in March and $2.65 in May, all followed by a rejection. Van de Poppe highlighted that the $2.60 and $2.40 price zones, which would entail an 18% and 24% correction from the current market price of $3.17, would be $XRP’s following targets if it fails to reclaim $3.40.
$XRP Bulls Insist On Higher Prices
Despite van de Poppe’s cautious call, several other market analysts are insistent on higher prices of $XRP. Patrick Riley, a self-acclaimed market veteran, has likened not being bullish on $XRP to being unserious, projecting an almost 10x rally for the prominent cryptocurrency.
Gert van Lagen also shared a similar sentiment, predicting that $XRP is about to rip. The macro strategist asserted a rally to $34, citing the completion of a seven-year double-bottom retest.