Perhaps due to the delay of the CLARITY Act at the end of the week, Ripple’s cross-border token slipped to a major support level at just over $1.00, and questions arose whether a dip below that line is only a matter of time.

However, it has managed to remain above it during the weekend, and now a few analysts have noted that a major rebound is coming. One even called it ‘the strongest in history.’

Will XRP Bounce Immediately?

The asset’s slip to $1.02 on Friday pushed its RSI into a highly oversold area, which, according to popular analyst Dark Defender, means that the indicator has bottomed on the weekly timeframe. They explained it as the sub-wave structure within the Grand Wave, suggesting the completion of the major correction.

Consequently, Dark Defender turned highly bullish, indicating that investors should “expect the strongest reversal in history” once XRP reclaims the $1.05 zone, which is still being tested from the downside.

Fellow analyst Gerla agreed, noting that the asset just “swept the lows and bounced straight from major support.” He added that the price printed a lower low, while the RSI charted a bullish divergence. As long as XRP remains above $1.02, it has the chance to reclaim $1.08, which could send it “into a serious reversal.”

Meanwhile, other highly optimistic analysts, such as ChartNerd and EGRAG CRYPTO, presented long-term charts hinting at a major breakout ahead for XRP. Their targets sound quite far-fetched at the moment, given the current market conditions, but they are aligned on the expectation that they will be in the low- to mid-double-digit range.

Polymarket Odds Disagree

Unlike the aforementioned bullish expectations, traders on Polymarket are quite convinced that XRP’s path includes a dip below the coveted $1.00 level. In fact, the odds have risen to 65% for such a drop even by the end of the month. In contrast, a rise to $1.20 has a much smaller probability percentage of 17%, while a more profound rebound to $1.40 is at a negligible 2%.

XRP’s painful history in August could be among the reasons behind this rather bearish view, as the asset has closed in the red in all four of the last editions. Moreover, it was just four times in the green since 2013.

Source: CryptoPotato