Due to Ripple, the cryptocurrency that is connected with the digital payment system.
Experts on the market have been able to identify several positive aspects that may push XRP up to new levels. Alex Cobb, one of these market experts has highlighted six elements which hint at an upcoming price increase for XRP.
The crypto market is closely watching XRP, in particular due to recent market and legal changes. After testing $0.63 on the 18th of July, XRP dropped 8.92%. It has since bounced back to $0.6064.
Please Read This: Ripple: Why XRP May be Headed its Highest Price Since 2021
Six factors that point to a XRP Blowout
1. Break resistance in the Monthly Trendline
Experts consider XRP’s recent breach above monthly resistance to be one of the key technical indicators. The trendline formed part of a triangle-like pattern that lasted six years. This breakout was bullish.
2. Seven-year RSI trendline break
Traders can use Relative Strength Index to determine if an asset has been oversold or overbought. XRP’s RSI monthly has broken through a 7-year trendline resistance. The price of XRP also increased by 27.11% in this month. This is regarded by many analysts as a bullish, strong sign.
3. XRP/BTC ratio rebound
The XRP/BTC rate, which compares XRP’s performance to that of Bitcoin, is showing a strong comeback. The ratio recovered after falling by 68% between November 2023 and June 2024. XRP has outpaced Bitcoin since June, a 36% increase.
Please Read This: How Much Ripple (XRP) Investment From 2018 Is Worth Today
4. XRP market dominance recovery
XRP’s overall market share has begun to recover after a ten-month decline. It has recovered from a low point of 1.05% in June 2024 to a high of 1.45%.
5. Potential XRP ETF launch
Crypto community has been excited by the idea of an XRP Exchange Traded Fund. 21Shares has recently shown interest in the launch of an XRP exchange-traded fund (ETF) which could attract more investors as well as make trading XRP and buying XRP simpler.
6. SEC Case Result
Ripple and SEC’s legal dispute is about to be resolved. Brad Garlinghouse said that the legal battle between Ripple and the SEC will end by summer’s end. This could lead to a clarification of rules, as well as an increase in trust for XRP.
Please Read This: Ripple: Algorithm Predicts XRP To Reach $6: Here’s the Timeline
Alex Cobb and other experts have cited these six reasons as the reason why it would not be wise to sell XRP right now. XRP is set to have a promising future, thanks to improvements in technology, market performance, potential new developments, and better technical performances.
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Source: watcher.guru