Could These 2 Events Finally Trigger a Move Toward $2?

Huge Week Ahead for XRP: Could These 2 Events Finally Trigger a Move Toward $2?

Athough XRP has been consolidating around $1.40, analysts have become significantly more bullish about its next potential move.
ByJordan Lyanchev

Two major events in the following week or so could determine whether XRP’s technical setups play out, potentially sending the token to a new multi-month peak at around $2.00.

The first arrives on September 15, when the US Senate is scheduled to hold its first procedural vote on the <a href="https://xpertsstudio.com/a16z-crypto-provides-insight-on-the-clarity-act-key-points/” title=”a16z Crypto Provides Insight on the CLARITY Act, Key Points”>CLARITY Act. The next one is just a day later.

Analysts Eye $2 and Beyond

Analyst Celal Kucuker describedthe token’s current technical structure as “amazing,” arguing that several formations are pointing toward the same target of around $2.30. Given the asset’s current price of around $1.39, this would represent another 60% surge if it materializes.

To do so, though, XRP would have to overcome some serious resistance levels that have halted its progress in the past and are sitting immediately above it. Fellow analyst Bird highlighted a large concentration of liquidity between approximately $1.60 and $1.85, followed by an even more significant pocket at $2.00.

Based purely on this liquidity map, the analyst estimated a 70% probability of XRP moving higher through $1.50 and $1.60 before targeting the subsequent region. The bearish scenario would become more relevant if the cross-border token loses $1.30, which could open the door for another dip to $1.20 or even $1.00.

However, it’s worth noting that liquidity maps change constantly and do not guarantee the direction of the next move, something that Bird also acknowledged.

CW offered another bullish technical scenario, indicating that XRP’s previous correction bottomed around the 0.5 Fib retracement before the subsequent rebound carried it above the 0.618 level. The current version of such an expansion would bring the asset to over $2.10.

Source: cryptopotato.com