- XRP has slipped below $3 after a failed attempt to hold the $3.35 level.
- Analyst EGRAG says the token must end August above $3.3 to validate its long-term double bottom breakout.
- A close could help XRP surge to a range of $7 to $28 in September.
XRP traders are watching a critical price level as the month winds down, with analysts warning that only a close above $3.3 in August could trigger the next major upside.
After briefly reclaiming a $3.35 high in August, XRP slipped into a downward spiral. The asset lost nearly 6% today, falling to $2.88, bridging its weekly performance to negative 11%.
Key Resistance for August
Meanwhile, analyst EGRAG stressed that the token must close August above $3.3 to keep its broader bullish structure intact. He pointed to XRP’s breakout from a double bottom (W) formation on the monthly chart.
Notably, this double bottom dates back several years. First bottom formed after a sharp fall from $3.84 in January 2018 to $0.1050 in March 2020, followed by a rebound to $1.96 in April 2021.
The second bottom appeared after another slide to $0.2879 in June 2022, which later recovered above $2 by December 2024.
The breakout above the neckline ($1.96–$2 range) in late 2024 was retested earlier this year, with XRP holding the $2 support before reclaiming $3 in July. According to EGRAG, only a monthly close above $3.3 will confirm the breakout and open the door for a stronger September rally.
Related: 470,000,000 XRP Gets Dumped by Whales as Price Nosedives
XRP Price Forecasts for September
EGRAG has previously projected that XRP could stage a powerful rally in September, outlining a potential path to $28, a 777% jump from current levels. Similarly, commentator Zach Rector suggested XRP could reach $7–$15 between August 23 and September 7. Among the factors influencing this outlook is the supposed XRP accumulation toward ETF approaches in October.
Other analysts are also leaning bullish. CryptoInsightUK highlighted a bullish divergence on the XRP/ETH chart to suggest that XRP may begin to outperform Ethereum. Meanwhile, CrediBULL noted that XRP’s price action looks healthier compared to ETH, which could face a temporary slowdown.
While August’s closing could be the deciding factor, XRP is currently trending down, and the month is also drawing to a close. Notably, XRP only needs a comeback of 16% to break above $3.3.
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