XRP Price Prediction For August 7
The price of XRP is currently showing mixed signals, with short-term support still holding, but warning signs appearing on the longer-term charts. XRP is also flashing a bearish divergence. This is not a short-term signal and doesn’t mean XRP will crash today or tomorrow.
However, it does mean that bullish momentum could fade over the coming weeks or even months. This signal has been in place for a while and still hasn’t gone away, so it remains a key risk factor for XRP holders.
Daily Chart: Holding Support… For Now
On the daily chart, XRP is currently bouncing off a Fibonacci support level near $2.90. This area between $2.90 and $3.00 is acting as a strong support zone. If the price manages to stay above this range, we could see more short-term bounces.
However, if XRP closes back below $2.90, there’s a chance of a drop toward $2.75. Below that, there’s another key support zone between $2.55 and $2.62, which could act as a safety net in case of a stronger pullback.
Resistance Levels to Watch
In the short term, XRP faces resistance around $3.10, with a stronger barrier between $3.10 and $3.20. If bulls can push through this zone, the next resistance lies closer to $3.40.
But for now, XRP seems to be stuck in a range, with support holding steady but resistance keeping it from making a strong move upward.
Price Pattern Still Looks Familiar
Interestingly, the current price pattern for XRP looks very similar to how the chart appeared earlier this year. Despite small daily moves, not much has changed over the past few days. That means the larger structure remains the same, and it’s not showing signs of strong bullish recovery just yet.
Altcoin Season Not Yet in Sight
Looking at the Bitcoin dominance chart, there’s still no sign of an altcoin season. Bitcoin dominance is holding above its support level between 60.5% and 61%. As long as this level holds, altcoins like XRP may continue to follow Bitcoin’s lead, without showing major independent gains.
If Bitcoin dominance stays flat or moves higher, it could hurt the altcoin market further. On the flip side, if Bitcoin dominance breaks down, that would increase the chances of a stronger rally across altcoins, including XRP.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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