XRP fell 2.83% to $1.41 in the past 24 hours, while Bitcoin dropped 1.63%. The sell-off also led to $14.51 million in XRP liquidations, with long traders taking most of the losses.
Despite the decline, crypto analyst Ali Martinez says XRP could be preparing for a major breakout toward $60.
However, XRP must first break key resistance levels before this bullish move can begin.
Why Is XRP Price Going Down?
XRP has come under pressure after the latest U.S. jobs report showed 162,000 new jobs, beating expectations, while the unemployment rate stayed at 4.1%. The stronger jobs data has weighed on risk assets, including cryptocurrencies.
The drop to around $1.33 also triggered $14.82 million in XRP liquidations, with 95.8% coming from long positions. This has added further selling pressure to the market.
Despite the decline, trading activity remains strong. XRP’s August spot volume hit its highest level since February, with Binance recording around $7.28 billion and Upbit about $4.68 billion in XRP trades.
$3.66 Is the Key Level for XRP To Target $60
According to Ali Martinez, XRP is forming a massive ascending triangle on the monthly chart. The pattern shows that XRP has been making higher lows while facing strong resistance around the same level.
The chart identifies $3.66 as the key resistance. Martinez believes that a monthly close above $3.66 would confirm the breakout and could open the door to a much larger move.
If XRP breaks above this level, Martinez’s chart projects a move toward around $9.49, followed by a potential rise to $15.60. The chart also shows a possible pullback around these levels before XRP starts its next major move higher.
After this pullback, XRP could potentially continue its upward trend toward $31.87 and eventually reach around $60.
However, Martinez did not provide a specific timeline for when XRP could reach the $60 target. Instead, he presented it as a long-term technical target based on XRP’s broader chart pattern.
Upcoming Events and Upgrades That Could Push XRP Price
While the technical setup could support a major XRP breakout, the token will also need strong fundamentals to sustain such a move.
One major event is the September 15, 2026, U.S. Senate vote on the CLARITY Act. If passed, the bill could provide clearer rules for digital assets in the U.S. and reduce regulatory uncertainty around XRP.
Meanwhile, XRPL is testing Lending Protocol and Single Asset Vaults, which could add more lending and financial activity to the network and increase XRP’s use within the ecosystem.
XRP is also seeing strong interest from institutional investors. U.S. spot XRP ETFs recorded $130 million in weekly inflows, pushing total net inflows to around $1.68 billion.
If this demand continues, ETF inflows could provide another source of buying pressure and support XRP’s long-term recovery.
Was this writing helpful?
Story Ends Here
Trust with CoinPedia:
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
Investment Disclaimer:
All opinions and insights shared represent the author’s own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored and Advertisements:
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
Read the Next News
Kommentar hinterlassen