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<p>The post <a href="https://coinpedia.org/price-analysis/will-xrp-price-hit-1-next-month-for-a-65-surge/" rel="noopener noreferrer nofollow">Will XRP Price Hit $1 Next Month, for a 65% Surge?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>In the recent crypto market crash, the top altcoins registered a massive intraday drop, signaling a FUD run. However, the XRP price showed a significantly lesser drop and a lower price rejection, hinting the altcoin is ready for a bounceback.&nbsp;</p>
<p>Will the XRP price remain unaffected by the broader market sellout and heat to the $1 psychological mark? So, let’s take a closer look at the technical chart and figure out the chances of the <a href="https://coinpedia.org/price-prediction/xrp-ripple-price-prediction/" rel="noopener noreferrer nofollow">XRP price</a> hitting $1.&nbsp;</p>
<h2 class="wp-block-heading" id="h-wedge-breakout-run-for-xrp-continues-to-struggle">Wedge Breakout Run For XRP Continues To Struggle</h2>
<p>The daily chart of XRP shows a strong recovery rally in motion. Over the past 24 hours, XRP has surged by 7.14%, including an intraday gain of 2%, following a 6.29% increase last night. This creates two consecutive bullish candles, completing a rounding-bottom reversal from the 50% Fibonacci level and 50D EMA at $0.54998. &nbsp;</p>
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="509" src="https://image.coinpedia.org/wp-content/uploads/2024/08/20154223/XRP-USD-20-Aug-1024x509.png" alt="XRP Price Analysis" class="wp-image-340494" srcset="https://image.coinpedia.org/wp-content/uploads/2024/08/20154223/XRP-USD-20-Aug-1024x509.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/08/20154223/XRP-USD-20-Aug-300x149.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/08/20154223/XRP-USD-20-Aug-768x382.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/08/20154223/XRP-USD-20-Aug-1536x763.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/08/20154223/XRP-USD-20-Aug-150x75.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/08/20154223/XRP-USD-20-Aug.png 1803w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
  Ripple XRP Price Analysis 20th Aug
 </figcaption>
</figure>
<p>The trendline breakout in XRP marks the beginning of an uptrend and establishes a support trendline. In the short term, the XRP price action forms an inverted head-and-shoulder pattern, with the neckline coinciding with the 78.60% Fibonacci level at $0.64321.&nbsp;</p>
<p>The likelihood of a bullish breakout increases as the recovery nears this neckline.</p>
<p>The golden crossover of the 50-day and 200-day EMAs further strengthens the bullish trend, supporting this potential breakout. Additionally, the MACD indicator shows a positive crossover, indicating increasing bullish momentum.&nbsp;</p>
<h2 class="wp-block-heading" id="xrp-derivatives-boost-up">XRP Derivatives Boost Up</h2>
<p>With the bullish trend going supersonic, the derivative market of XRP strengthens. The XRP derivatives data analysis by Coinglass shows that volume and open interest are skyrocketing by 136% and 10.78%, respectively.&nbsp;</p>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXeqeH0ROLXqYoMVEKnWrecHnFV5HBFNAe6vGCsh5S0CloggTtd8iHRe_PR7xiEFD9IwJEqfcFM5BOJgVNRiHTIil6vEcSxEGhWJYZrcvz3HyIFf83ObCSOK1x5C_oOd-mTwMTa_jorpuli0Rk2prYDRugDK?key=MSQ5LA9gw6Jhbnc-g_onqA" alt="">
</figure>
<p>Furthermore, the confidence in top traders on Binance is increasing, as is evident by the XRP/USDT pair analysis.&nbsp; Based on accounts, the long/short ratio is at 1.264 and 1.5201 based on positions.&nbsp;</p>
<p>Hence, the bulls are starting to dominate the XRP price in the derivative market.&nbsp;</p>
<h2 class="wp-block-heading" id="will-xrp-price-experience-a-breakout-run">Will XRP Price Experience a Breakout Run?</h2>
<p>A breakout above the 78.60% Fibonacci level would open the door for a new 52-week high, potentially surpassing $0.72 and targeting the psychological $1 mark at the 1.618% Fibonacci level.</p>
<p>However, if XRP faces a reversal from the neckline, it will likely test the newly formed support trendline. In the event of a bearish breakdown, the next key support level stands at $0.54, or the 50% Fibonacci level.</p>

Will XRP Price Hit $1 Next Month, for a 65% Surge?

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