XRP Price Surges by 3% to $0.5
The price of XRP has experienced a bullish comeback, rising by 3% to reach $0.5. This surge in value was initially sparked by the filing of a new spot Bitcoin exchange-traded fund (ETF) by Franklin Templeton Investments and was further strengthened by positive US CPI data.
XRP Price Moves Toward $1
XRP, the leading cross-border money remittance token powered by the XRP Ledger, has made an impressive recovery from its support level at $0.46. It has broken out of a wedge pattern and reclaimed higher support at $0.5.
The current XRP price is slightly above $0.5, with the 100-day Exponential Moving Average (EMA) acting as resistance at $0.5018. If the price can close above this immediate resistance level, it may gain enough momentum to break through the moving average and potentially reach $0.7.
A falling wedge pattern suggests an upcoming bullish breakout. This pattern consists of two trendlines connecting a series of lower highs and lower lows.
To confirm the breakout, traders should watch for a break above the trendline resistance accompanied by a spike in volume. This breakout point often triggers buy orders with a target of 7%, equivalent to the widest points of the pattern.
Momentum Builds for XRP
The bullish outlook for XRP is supported by the Moving Average Convergence Divergence (MACD) indicator, which has generated a buy signal.
The momentum behind XRP continues to grow as bulls gain confidence in the upward trend. The blue MACD line remains above the red signal line, indicating positive momentum. The expectation is that the momentum indicator will close the gap to the mean line and enter the positive region.
Short-term speculators may want to take profits around $0.52, which is the breakout target of the falling wedge pattern. However, highly bullish investors may consider holding their positions ahead of Ripple’s upcoming celebration in September.
Ripple’s Victory Party and Potential Announcements
Ripple is preparing to hold a “Proper Party” on September 29 to celebrate its victory against the Securities and Exchange Commission (SEC). In July, a ruling determined that programmatic sales of XRP on third-party platforms are not securities.
The CEO of Ripple, Brad Garlinghouse, has stated that this celebration will not only recognize the win for the leading international payment network but also mark a milestone for the entire crypto sector.
Speculations about major announcements at the party include plans for an IPO and a potential settlement with the SEC. While a settlement is unlikely, an IPO announcement could fuel a significant rally in XRP, potentially pushing it above the $1 mark.
Hot Take: Anticipation Builds for Ripple’s Event
The price of XRP has surged by 3% to $0.5, driven by positive market factors such as a new spot Bitcoin ETF filing and favorable US CPI data. XRP has broken out of a falling wedge pattern, indicating a potential bullish move toward $0.7.
The momentum behind XRP is supported by the MACD indicator, suggesting further upward movement. Additionally, Ripple’s upcoming “Proper Party” in September has generated excitement among investors, who anticipate major announcements such as an IPO or a settlement with the SEC.
If these announcements materialize, XRP could experience a significant rally that surpasses the psychological barrier of $1. Investors should closely monitor the market and consider their trading strategies based on the evolving situation.
By
By
By
