XRP price recovery above key support fuels analyst projections of further rally
CryptoPotato reported that XRP rebounded above a key support level after a sharp correction, with one analyst projecting a potential rally of almost 100%.
Why it matters
The story is limited in significance as it is based on a single crypto-media outlet reporting one analyst's technical projection. No independent confirmation of the trading volume figures or the price targets was found in other sources.
Key facts
XRP's mid-August price rally was halted and the subsequent correction drove the token under $1.35 before it rebounded above $1.40
Reported by CryptoPotato
Spot trading volume across major exchanges for XRP rose sharply in late August to its highest level since February
Reported by CryptoPotato
EGRAG CRYPTO projected XRP could reach $2.70 representing almost 100% from recent lows
100 %Reported by CryptoPotato
XRP faces first major resistance at $1.50 followed by $1.60 before it can target higher levels
Reported by CryptoPotato
What happened
CryptoPotato reported that XRP's mid-August price rally was halted and the subsequent correction drove the token below $1.35 before it rebounded above a support level at $1.40. The outlet said spot trading volume across major exchanges rose sharply in late August, with Binance handling almost $7.3 billion in XRP spot trades, followed by Upbit at $4.7 billion and Bithumb at $2.6 billion. The outlet cited analyst EGRAG CRYPTO as arguing that XRP is attempting to establish a bullish continuation pattern after recovering from the pullback, and said the analyst projected a potential target of $2.70, representing almost 100% from recent lows. CryptoPotato noted that resistance at $1.50 and $1.60 would need to be cleared before any such move could materialize. As only one source covers this story, all claims remain unconfirmed by independent outlets.
How the story developed
- First report
First report by CryptoPotato
XRP Bulls Defend Key Level as Analyst Envisions Another 100% Rally
- Update
XRP price rally halted mid-August
The price rally initiated in mid-August was halted and the token corrected sharply
- Update
XRP spot trading volume surges in late August
Spot volume across major exchanges reached its highest level since February
- Update
EGRAG CRYPTO projects XRP rally to $2.70
The analyst argued XRP is attempting a bullish continuation pattern with a target of almost 100% from recent lows
Affected entities
Also mentioned: South Korea, Upbit
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| CryptoPotato Crypto media | XRP Bulls Defend Key Level as Analyst Envisions Another 100% Rally | Original |
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