Ripple Labs-backed XRP has maintained bullish momentum in the past four weeks. Fueled by notable demand from institutional investors, the XRP price closed last week above the 200-day Moving Average (MA), signalling that the buyers are in control.
However, the XRP price must consistently close above the resistance level of around 66 cents to invalidate the falling trend sustained year-to-date. Furthermore, XRP price has significantly correlated with other top digital assets led by Ethereum and Bitcoin.
A possible correction in ETH and BTC prices in August could cause XRP prices to drop in the coming months.
According to Dark Defender, a popular crypto analyst, the XRP price is on the cusp of a bullish breakout on the daily time frame after consolidating in the past week. The crypto analyst has set a midterm target for the XRP price of about 66 cents.
The XRP’s bullish outlook is bolstered by the instrument’s consistent closing above the 50 and 200 daily Moving averages (MAs) in the past three weeks.
However, the XRP’s bullish setup could be invalidated if the altcoin consistently closes below the triangular pattern in the coming days. In such a scenario, the XRP price could find a solid support range between 47 cents and 50 cents, which coincides with the 0.5 and 0.618 daily Fibonacci Retracement.
Also Read: Ethereum Foundation Moves $9.16M in TKO Tokens to Bitcoin Suisse, Is Taiko the Next Big Thing?
The XRP price action has been held hostage by the ongoing lawsuit filed by the US SEC against Ripple. Although Ripple has registered several wins against the US SEC, XRP has faced significant competition from other digital assets, especially those focused on cross-border payments led by Stellar XLM.
Meanwhile, all focus is on the final resolution, which is anticipated to be a settlement between Ripple and the US SEC. Additionally, the Ripple and XRP global community hopes for Donald Trump’s victory in the US presidential elections following the pledges made over the weekend.
Robinhood is acquiring WonderFi, one of Canada’s top crypto platforms, in a move to grow…
Tether has officially launched its gold-backed digital asset, Tether Gold (XAUT), on Maxbit, a leading…
India is tightening its grip on crypto once again, and this time, transactions from Jammu…
Story Highlights TRUMP Coin surged after a viral post offering a gala dinner with Trump.…
Story Highlights Pi Network price rallies over 34% in 3 days, nearing $1 mark. Banxa…
Story Highlights Pepe Coin (PEPE) surges nearly 70% in the past week. Analysts predict PEPE…