XRP: $8 if ETF Hits Big vs. $0.29 if $1 Breaks...Extreme Forecasts Clash

▲ XRP

XRP is threatening the $1 defense line despite the positive news of its European business expansion. Bearish forecasts suggest that if it definitively breaks below $1, a gradual decline to $0.67, $0.47, and even $0.29 could open up.

According to crypto media outlet CCN on July 8 (local time), Finance Magnates analyst Damian Chmiel warned that XRP could fall to $0.29 if it loses the $1 mark. XRP traded at $1.13 on July 7, about 9% higher than the June monthly closing price of $1.04.

Chmiel pointed to the June monthly candle as a key turning point. XRP fell 22% during June. It also closed its monthly candle below the $1.26 support line, which it had maintained since 2023, for the first time. The 50-month exponential moving average also broke downwards.

The baseline for the bearish scenario is $1. Chmiel analyzed that if XRP definitively breaks below $1, the $0.93-$0.76 range would be tested first. Subsequently, $0.67, $0.47, and $0.29 were presented as gradual downside targets. $0.29 corresponds to the lows of 2018-2019 and the bottom of the 2022-2023 bear market.

On the daily chart, the $1.26 resistance level also remains a burden. XRP was pushed back after last testing $1.26 in mid-June. The 50-day exponential moving average also acted as resistance during the early July rebound. Chmiel stated that he maintains a bearish outlook until the $1.26 level is recovered on a monthly basis.

A bullish outlook was also presented. Geoffrey Kendrick of Standard Chartered maintained price targets of $2.8 and $8, premised on the passage of the US crypto market structure bill and a $10 billion inflow of XRP spot ETF funds. However, CCN noted that these conditions have not yet been met. The market's differing views on XRP's price outlook are widening despite Ripple's positive news of European expansion.

[Key Article Summary]

-XRP closed its June monthly candle below the $1.26 support line, which it had maintained since 2023, signaling increased technical weakness.

-Damian Chmiel suggested a potential gradual decline to $0.67, $0.47, and $0.29 if $1 is definitively broken.

-Standard Chartered maintained bullish forecasts of $2.8 and $8, premised on the passage of legislation and inflow of XRP spot ETF funds.

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