Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnSquareMore
XRP Faces Short-Term Downturn But Poised for Major Breakout, Analyst Predicts

XRP Faces Short-Term Downturn But Poised for Major Breakout, Analyst Predicts

CoineditionCoinedition2024/08/14 16:00
By:Abdulkarim Abdulwahab
  • XRP has faced recent volatility but is expected to experience a significant breakout opportunity soon.
  • Short-term analysis suggests a brief downturn with the potential for a rebound to $0.55-$0.59.
  • Long-term projections forecast XRP could reach between $5.59 and $11.25 by 2025.

The cryptocurrency market experienced a sharp downturn earlier this month, with XRP , one of the leading altcoins, taking a major hit. This has led to widespread speculation about the coin’s future, with many investors and traders closely monitoring its price action. 

Despite the recent downturn, a recent analysis by Cheeky Crypto suggests that XRP’s long-term prospects remain promising, with significant gains anticipated in the coming years.

The latest analysis, based on the 1-hour Binance chart, shows XRP undergoing significant price fluctuations. A double top pattern observed at 10:00 and 12:00 UTC led to a sharp decline, forming a triangular wedge continuation pattern. This pattern indicates potential further downside in the near term. However, the analyst expects this downturn to be brief, anticipating a liquidity grab before a major breakout opportunity.

The analysis also noted a downward shift in the stochastic RSI, presenting possible shorting opportunities. Traders are advised to consider short positions, with recommended stop-loss strategies to manage risk effectively.

Despite current volatility, the long-term outlook for XRP remains positive. The analyst projects a potential dip to around $0.51 before an expected upward surge. Key levels to watch include a range between $0.55 and $0.59, where a significant long position could be considered.

Further projections suggest XRP could reach between $5.59 and $11.25 by 2025. This forecast is supported by strong market fundamentals and ongoing accumulation by both retail and institutional investors. The analysis highlights that XRP is performing better than many other cryptocurrencies, including Bitcoin and Ethereum, despite recent market conditions.

Ultimately, the analyst emphasizes that, while the market may seem static now, it offers substantial opportunities for both short-term trading and long-term investment.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

After bitcoin returns to $90,000, is Christmas or a Christmas crash coming next?

This Thanksgiving, we are grateful for bitcoin returning to $90,000.

BlockBeats2025/11/28 08:43
After bitcoin returns to $90,000, is Christmas or a Christmas crash coming next?

Bitcoin security reaches a historic high, but miner revenue drops to a historic low. Where will mining companies find new sources of income?

The current paradox of the Bitcoin network is particularly striking: while the protocol layer has never been more secure due to high hash power, the underlying mining industry is facing pressure from capital liquidation and consolidation.

区块链骑士2025/11/28 08:23
Bitcoin security reaches a historic high, but miner revenue drops to a historic low. Where will mining companies find new sources of income?

What are the privacy messaging apps Session and SimpleX donated by Vitalik?

Why did Vitalik take action? From content encryption to metadata privacy.

ForesightNews 速递2025/11/28 08:23
What are the privacy messaging apps Session and SimpleX donated by Vitalik?

The covert war escalates: Hyperliquid faces a "kamikaze" attack, but the real battle may have just begun

The attacker incurred a loss of 3 million in a "suicidal" attack, but may have achieved breakeven through external hedging. This appears more like a low-cost "stress test" targeting the protocol's defensive capabilities.

ForesightNews 速递2025/11/28 08:23
The covert war escalates: Hyperliquid faces a "kamikaze" attack, but the real battle may have just begun