Top Analyst Reveals Two Crucial Levels to Watch for XRP Price Action

Prominent market analyst Michael van de Poppe has shared two levels he would be interested in XRP again following rejection from crucial resistance.

Notably, he shared on his X handle on August 12 that XRP has again stuttered at the sight of the $3.40 resistance. The third-largest cryptocurrency by market cap rose to an intraday high of $3.33 on Monday but quickly retreated amid the strong supply wall around the level.

Losing the resistance level saw it close at $3.13, posting its fourth consecutive red candlestick on the daily timeframe. While XRP has shown northward momentum today with its near 2% growth, the analyst insinuates it is all noise until either of the two scenarios he identified in his tweet plays out.

Following the top was a phase of price correction, where XRP failed to break above a descending resistance originating from its January high of $3.40. The token consolidated below the trendline for five months until breaking out in early July.

After the breakout, XRP retested the $3.40 resistance and temporarily broke above it to a multi-year high of $3.66 the same month. Nonetheless, the bullish momentum quenched there, with XRP dumping from the area to $2.73 on August 3.

Either $3.40 or XRP goes to $2.40

Notably, XRP still struggles to trade above the $3.40 resistance area, and van de Poppe notes that the trend either changes or further corrections would follow. He emphasized that XRP would interest him when it reclaims the crucial level or dumps to between $2.60 and $2.40.

The support level between $2.60 and $2.40 is a former resistance zone where XRP stalled several times between December and now. It struggled at that level in December 2024 despite the Trump-inspired bullish momentum before breaking free in January.

XRP also struggled around the area twice in March and May. It reached highs of $2.64 and $2.58 in March and $2.65 in May, all followed by a rejection. Van de Poppe highlighted that the $2.60 and $2.40 price zones, which would entail an 18% and 24% correction from the current market price of $3.17, would be XRP’s following targets if it fails to reclaim $3.40.

XRP Bulls Insist On Higher Prices

Despite van de Poppe’s cautious call, several other market analysts are insistent on higher prices of XRP. Patrick Riley, a self-acclaimed market veteran, has likened not being bullish on XRP to being unserious, projecting an almost 10x rally for the prominent cryptocurrency.

Gert van Lagen also shared a similar sentiment, predicting that XRP is about to rip. The macro strategist asserted a rally to $34, citing the completion of a seven-year double-bottom retest.