Ripple’s XRP Eyes $8 as Chart Echoes Legendary 2017 Rally – Crypto News – Crypto News
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Ripple’s XRP Eyes $8 as Chart Echoes Legendary 2017 Rally – Crypto News

Published

4 months ago

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TL;DR

  • XRP reclaims $3.15 support, testing the breakout level that could push the price toward $3.40 next.
  • Analysts compare the current XRP rally to the 2017 bull run, projecting a possible surge toward $6–$8.
  • Daily transactions have dipped despite price gains, suggesting that fewer but larger trades drive the current market momentum.

Price Extends Gains After Legal Settlement

XRP was trading at $3.3 at press time, up 4% in the last 24 hours and 12% over the past week. Trading volume is about $8.2 billion. The rally follows the conclusion of the long-running case between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), with both sides formally dropping appeals.

Meanwhile, the end of the legal dispute has brought renewed institutional interest. Additional developments have supported sentiment, including Blue Origin adding XRP as a payment option and SEC approval for Ripple’s updated Regulation D exemption, easing certain fundraising restrictions.

Analysts See Path to $6–$8

MikybullCrypto said, “$XRP about to fly to $6–$8 and then cycle top.” The monthly chart shows a breakout from a prolonged consolidation phase, similar to the pattern before the late-2017 rally. The asset has cleared the $2.60–$2.80 zone, while a long-term moving average is trending upward toward the projected target range.

Momentum readings are close to historical highs seen before prior market peaks. In 2017, similar conditions preceded XRP’s cycle high.

Additionally, Crypto Eagles noted XRP has regained the $3.15 support zone after filling a Fair Value Gap (FVG). The asset is now pressing against a descending trend line. A confirmed move above $3.32 could open the way toward $3.40, with $3.40–$3.41 marked as near-term targets.

Maintaining $3.15 as support is viewed as important for sustaining the bullish structure. A drop below it could see the price revisit $3.10 or $3.00.

On-Chain Activity Trends Lower

Data from Glassnode shows XRP processed 1.44 million transactions on August 12. This is well below the early July high of more than 2.2 million. Transaction counts have generally declined since mid-July, even as prices have recovered from early August lows.

Source: Glassnode

This trend suggests that recent gains may be driven more by larger trades and positioning than by an increase in network-wide activity.

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