XRP Price Shows Signs of Recovery Despite Daily Drop
On August 6, XRP is trading at $2.93, reflecting a 3% decline over the past 24 hours. Despite the dip, bullish indicators are beginning to surface, supporting analyst predictions that XRP could climb to $4. Much of this optimism stems from growing institutional interest.
Analyst Predicts XRP Could Reach $4
Although XRP has faced downward pressure recently, the ascending triangle pattern on its daily chart remains intact. Analyst Crypto Cred highlights this formation, which typically signals a potential breakout. The pattern suggests that while resistance holds firm, rising support indicates weakening selling pressure and accumulating demand.
For XRP to rally, it must break above the resistance level at $3.66. Crypto Cred believes that if buyers step in with enough momentum, the price could surge to $4. He also points out that XRP confirmed a similar pattern in July, which preceded a 40% price increase.
Another analyst, CryptoPulse, notes a divergence between price and volume. Even as XRP declines, trading volume is increasing. In a recent post, he stated, “While Bitcoin cools off, utility-driven assets like XRP are starting to move on their own and this is just the beginning.”
Institutional Interest Grows with SBI Holdings ETF Filing
Japan’s SBI Holdings, managing $241 billion in assets, has filed for an ETF offering exposure to Bitcoin and XRP. If approved, this could mark a significant step toward institutional adoption in Japan and potentially boost XRP’s price.
SBI is also pursuing a second ETF combining crypto and gold, signaling a broader effort to integrate traditional and digital assets. In the US, the Ripple vs. SEC case may conclude by mid-August, potentially paving the way for ETF approvals.
Conclusion
While XRP faces short-term challenges, technical patterns and institutional moves suggest a rebound may be on the horizon. A push toward $4 is increasingly plausible.
