XRP price increased by over 5%, rebounding from the $2.75 support and aiming for a breakout above $3.0, with analysts giving ultra-bullish targets.
XRP XRP $2.99 24h volatility: 4.1% Market cap: $176.99 B Vol. 24h: $4.86 B price has shot up by more than 5%, bouncing back from the key support at $2.75, with bulls targeting a breakout above $3.0 once again. As a result, the Ripple altcoin is leading the broader crypto market rally today with open interest surging past $7.3 billion.
XRP Price Breakout, With Target of $27
Crypto analyst EGRAG Crypto has shared a mid-year update on XRP, suggesting that the token could be gearing up for a major move ahead. The analyst measures two scales of evaluations with non non-logarithmic scale target and a logarithmic scale target. According to EGRAG, two key projections emerge from chart analysis:
- Non-log scale target: $4.89.
- Logarithmic scale target: $48.90.
This highlights a 10x gap between the two methods. However, crypto analyst EGRAG prefers an average-based approach, with a mean price target of $27.00 for XRP.
#XRP – 6-Month Time Frame Update! :
We have 4 months and 29 days left until this candle closes. Will we make history by breaking through the chasm of #XRP price, or have we already seen the top? and no one including me is not noticing it 🤔⏳
I’m still in the camp that the last… pic.twitter.com/qs8dnkRgRH
— EGRAG CRYPTO (@egragcrypto) August 3, 2025
Last week, another analyst, Javon Marks, stated that as long as XRP price holds the support at $2.47, the upside target of $4.80 remains intact.
Furthermore, with its recent move, the Ripple-related cryptocurrency is currently unwinding short positions after a wave of liquidations hit highly leveraged long positions last week. Analysts note that if XRP rallies to $3.06, it could trigger significant short liquidations and fuel further XRP price rally.
$XRP is liquidating short positions following the liquidation of highly leveraged long positions.
If $XRP rises to $3.06, large amount of short positions will be liquidated. pic.twitter.com/ye51ThxOaK
— CW (@CW8900) August 4, 2025
Crypto Market Volatility on the Rise
The cryptocurrency market has been seeing strong volatility over the past week, largely driven by Bitcoin BTC $114 397 24h volatility: 0.5% Market cap: $2.28 T Vol. 24h: $24.74 B , and some top altcoins like ETH ETH $3 561 24h volatility: 2.1% Market cap: $429.48 B Vol. 24h: $19.63 B , XRP, etc. This followed US President Donald Trump’s announcement of new tariffs on imports from Asia and Europe, which weighed on global market sentiment and pressured risk assets. Speaking to CoinDesk on this development, Jeff Mei, COO at BTSE said:
“The dip was driven by concerns over Trump’s tariff stance and the Fed’s signal that it’s not keen to cut rates soon. But opportunistic buyers are already stepping in before U.S. markets open, indicating the fear may be overdone.”
Last week, the crypto market liquidations soared to nearly $500 million, with BTC price correcting 5%, and Ethereum (ETH) dropping 12.5% from its weekly highs. Bitcoin ETFs recorded nearly $1 billion in outflows over July 31 and August 1, driving the asset down to approximately $114,000 before a slight rebound. Ether also faced pressure, with $152 million in outflows on August 1.
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