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A well-known market watcher has identified the level $XRP needs to close above this month, August, to break free from the current consolidation.
For context, $XRP has been stuck within a bearish phase over the past week, especially after recovering the $3.35 high on Thursday, Aug. 14. Following this peak, $XRP collapsed nearly 6% on the same day, bringing it to the $3 support, and then collapsed another 6.62% five days later to lose the $3 support.
$XRP Needs to Close August Above $3.3
Amid the downtrend, several analysts have suggested that a recovery could be on the horizon. However, market commentator EGRAG believes this isn’t likely for now until $XRP closes above a particular price level this month of August, with 12 days left.
$XRP’s Double Bottom Structure
Notably, $XRP formed the first bottom when it dropped from the $3.3 peak in January 2021 to a floor of $0.1050 in March 2020 and then recovered to another high of $1.96 in April 2021. From here, $XRP again collapsed to another floor of $0.2879 in June 2022 and then recovered above $2 in December 2024. This formed the second bottom.
Specifically, the neckline of this structure aligned with the $1.96-$2 price region, which $XRP broke above in December 2024. However, the pullback and consolidation that lasted from February to July 2025 retested this breakout at the $2 support. The retest was successful in July 2025, with $XRP recovering above $3 and trading around that level this month.
EGRAG’s chart shows that $XRP would need to reclaim and close August above the $3.3 price level, which aligns with the next resistance trendline, to maintain this breakout and eventually flip the momentum to bullish in September.
September Could Look Good for $XRP
Interestingly, EGRAG had already predicted bullish momentum for $XRP in September, leveraging a different outlook. In a recent analysis, he suggested that $XRP could rally 777% to a new price target of $28 by September 2025.
Closing August on a bullish note could set the stage for this run. Also, media personality Zach Rector predicted that September could lead to greater price levels for $XRP. Rector projected last month that $XRP could hit $7-$15 from Aug. 23 to Sept. 7.
Meanwhile, other market analysts believe $XRP may be on the verge of a breakout. For one, CryptoInsightUK identified a bullish divergence on the XRPETH daily chart, indicating that $XRP could outperform Ethereum soon. Also, CrediBULL noted that $XRP was showing signs of recovery while ETH looked set to take a breather.