XRP has defended a key support level near $1.00 over the weekend, sparking debate among analysts about a potential major breakout. While some analysts, citing oversold RSI readings and bullish divergence, predict the “strongest reversal in history,” traders on the Polymarket prediction platform see a 65% chance of a dip below $1.00 by the end of the month. The asset slipped to $1.02 on Friday following the delay of the CLARITY Act, but a rebound to $1.08 could trigger a serious reversal, according to one analyst. XRP’s historical performance in August, which has been negative in four of the last five years, adds a bearish undertone to the conflicting outlooks.
XRP slipped to $1.02 on Friday, likely due to the delay of the CLARITY Act, pushing its RSI into a highly oversold area on the weekly timeframe. According to analyst Dark Defender, this suggests the indicator has bottomed.
Dark Defender turned highly bullish, stating that investors should “expect the strongest reversal in history” once XRP reclaims the $1.05 zone. Fellow analyst Gerla agreed, noting the asset “swept the lows and bounced straight from major support.”
Gerla added that as long as XRP remains above $1.02, it has the chance to reclaim $1.08, which could send it “into a serious reversal.” Other optimistic analysts, including ChartNerd and EGRAG CRYPTO, presented long-term charts hinting at a major breakout.
In contrast, traders on Polymarket are quite convinced XRP will dip below $1.00 by the end of the month, with odds rising to 65%. A rise to $1.20 has a probability of only 17%, while a rebound to $1.40 stands at 2%.
XRP’s painful history in August, where it has closed in the red in four of the last five years, may be behind this bearish view. The asset has been in the green only four times since 2013 during this month.
