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\n\t\t\t\t\t\t\t\t\tThe analyst compared XRP’s current consolidation to its 2022 bottoming phase rather than a breakdown in its long-term trend.\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
Chart analyst ChartNerd flagged an 8.5-year cup-and-handle pattern on XRP this week, arguing that the token is nearing the 0.618 Fibonacci retracement level that could set up a long-term move toward $8, $13, and $27.<\/p>\n
The outlook arrives while XRP itself sits near $1.06, deep in a correction that has wiped out most of its gains from the past year.<\/p>\n
In an August 4 post on X, ChartNerd said<\/a> XRP\u2019s cup-and-handle formation is \u201cone of the largest macro setups\u201d on the market and that the token is approaching the 0.618 Fibonacci retracement level, which the analyst believes could support a move toward the Fibonacci extension targets of $8, $13, and $27.<\/p>\n According to him, the targets are \u201cnot an if, but a when,\u201d and he has also warned that short-term price action remains uncertain. The analyst said XRP\u2019s recent weakness does not necessarily point to problems with the asset itself, describing<\/a> it as part of a wider crypto market correction.<\/p>\n That conviction comes with a caveat. In a separate post, ChartNerd laid out<\/a> a scenario where XRP spends the rest of the year consolidating around $1, comparing it to the bottoming process from June 2022, with a Gaussian channel indicator only catching up to price gradually instead of through a steep drop first.<\/p>\n He framed the scenario as an alternative to an earlier $0.90 to $0.70 target range, not a reversal of the long-term thesis, adding that the original roadmap toward the $1 area was mapped out back when XRP traded near $1.80 to $2.<\/p>\n But not everyone is buying ChartNerd\u2019s numbers. Trader CryptoBull dismissed<\/a> the lower short-term targets in a post this week, betting XRP skips past $0.87 and $0.73 entirely.<\/p>\n \u201cThose waiting for $0.87 or $0.73, I will see you at $23,\u201d he wrote.<\/p>\n<\/blockquote>\n Other analysts have also focused on XRP\u2019s current technical position, including EGRAG CRYPTO, who said the Ripple token had lost<\/a> its 50-day moving average and was approaching the 100-day exponential moving average, a level the analyst described as historically important for long-term support.<\/p>\n According to the market watcher, a move toward the $1 to $0.95 range could be a normal retest if XRP holds that area. He placed a possible downside target near $0.80 if the token falls toward the lower boundary of its long-term channel, while maintaining targets of $15, $27, and above $50.<\/p>\nYou may also like:<\/h3>\n
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XRP\u2019s Price Slide and What Other Analysts See<\/h2>\n