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.
XRP Bullish Case
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?
Bigger Picture
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.
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