While XRP has faced pressure in recent sessions, a new analysis suggests that the current correction could be nearing completion. In a chart posted on August 2, trader and crypto analyst Xoom (@Mr_Xoom) outlined a potential bullish reversal zone as XRP trades around the $2.93 mark. The chart indicates a classic five-wave Elliott Wave pattern , where wave 5 is projected to finalize around $2.8. The chart highlights a series of lower highs and lower lows from late July into early August. After completing Waves 1 to 5, the chart outlines the potential endpoint, which falls around the $2.8 zone that Xoom previously set as the XRP’s lowest point for this cycle. XRP Ltf wave 5 coming to an end. I repeat- $6-$8 XRP in August highly likely. https://t.co/whkoyP1vM5 pic.twitter.com/2lPXPs5ybR — xoom (@Mr_Xoom) August 2, 2025 Support Zone Under Scrutiny XRP recently experienced a notable decline, falling below the crucial $3 support zone . It has failed to reclaim this level, causing some concern among market participants. Xoom outlined this level on the chart, as it held up XRP in July after the asset retraced from its all-time high . Although XRP has broken through this support, Xoom is confident in the technical structure and anticipates a recovery. Despite the recent decline, XRP has remained above the highlighted support at $2.8, and the current forecast implies that once wave 5 concludes, a larger reversal could follow. We are on X, follow us to connect with us :- @TimesTabloid1 — TimesTabloid (@TimesTabloid1) June 15, 2025 Bearish Momentum is Slowing Down Elliott Wave theory, the analytical framework used in the chart, typically identifies patterns of investor behavior. A completed five-wave downtrend often precedes a corrective rally or a new impulsive move in the opposite direction. In this case, Xoom appears to anticipate the latter, which would imply a significant upside breakout if the projected reversal plays out. At the time of Xoom’s analysis, XRP sat slightly above the $2.8 support, trading around $2.93. The bearish sequence, while still active, appears to be losing momentum, suggesting a potential shift in market sentiment. Outlook for August Remains Bullish Despite the short-term bearish structure, the forecast remains optimistic over the coming weeks. Xoom reiterated his previous target, stating that XRP reaching $6 to $8 in August is highly likely . The projected target range represents a more than 2x increase from current levels at the minimum. While that may seem ambitious, the underlying structure of the wave analysis supports the case for a trend shift if the $2.80 support holds firm. Disclaimer : This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are advised to conduct thorough research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses. Follow us on X , Facebook , Telegram , and Google News The post Analyst: I Repeat- $6-$8 XRP Price In August Highly Likely appeared first on Times Tabloid .
