XRP Price Prediction: XRP Bulls Gear Up to Break the Triangle Pattern, Target the 66-Cent Level
- WBOYOriginal
- 2024-07-30 03:10:09442browse
Ripple Labs-backed XRP has maintained bullish momentum in the past four weeks. Fueled by notable demand from institutional investors
Cryptocurrency XRP, backed by Ripple Labs, has maintained bullish momentum over the past four weeks. Driven by strong demand from institutional investors, XRP closed last week above the 200-day Moving Average (MA), indicating that buyers are driving the market.
However, XRP must consistently close above the resistance level of around 66 cents to invalidate the falling trend year-to-date. Moreover, XRP's price has shown a strong correlation with other leading digital assets, such as Ethereum and Bitcoin.
A potential correction in ETH and BTC prices in August could lead to a decline in XRP prices in the coming months.
XRP Bullish Case
Here is your updated structure in the daily time frame.
$XRP is ready to break the triangle within 24 Hours.
Not financial advice. pic.twitter.com/5HtCotS20U
Popular crypto analyst Dark Defender points out that XRP's price is on the verge of a bullish breakout on the daily time frame after consolidating over the past week. The crypto analyst has set a midterm target for XRP's price at around 66 cents.
The bullish outlook for XRP is supported by the instrument's consistent closing above the 50 and 200 daily Moving Averages (MAs) over the past three weeks.
However, the bullish setup for XRP could be invalidated if the altcoin consistently closes below the triangular pattern in the coming days. In such a scenario, XRP's price could find a strong support zone between 47 cents and 50 cents, which coincides with the 0.5 and 0.618 daily Fibonacci Retracement.
Wider Perspective
XRP's price action has been largely impacted by the ongoing lawsuit filed by the US SEC against Ripple. While Ripple has secured several wins against the US SEC, XRP has faced increasing competition from other digital assets, particularly those focused on cross-border payments, such as Stellar XLM.
As the US presidential election approaches, all eyes are on the final resolution of the SEC lawsuit, which is expected to be a settlement between Ripple and the US SEC. The Ripple and XRP global community is also closely following Donald Trump's promises regarding cryptocurrency in his speech over the weekend.
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