XRP is explosive, the price of XRP is ready for a big swing, the XRP price chart is a pressure cooker.
In our XRP price prediction published a few months ago, we mentioned the bullish time window July 10th to July 31st, 2024.
If anything, our calculation was highly accurate as XRP is one of the cryptocurrencies outperforming the crypto market in July of 2024.
XRP price explosive
When we published our bullish XRP price prediction, a few months ago, we could not the exact ‘events’ that would occur in this timeframe.
Dominated by the SEC/Ripple case, the exact timing of the SEC meeting as well as news from Judge Torres were unknown.
Nor could be predict fundamental news like this:
RIPPLE & BLACKROCK CREATING $XRP ETF !?! CEO DROPS A BOMBSHELL ON BLOOMBERG CRYPTO📈
Ripple CEO, Brad Garlinghouse, hints at a game-changing connection between BlackRock and Ripple launching an $XRP ETF in the USA 🇺🇸
Stating: “We think it makes sense for the XRP… pic.twitter.com/f7Uct0GyLC
— Good Morning Crypto July 23, 2024
But it was the chart; the XRP chart was resolving in the last week of July 2024. It was clear for those that take the time to analyze both axes of the chart (time and price).
Look at how bullish the posts are on the $XRP cash tag today.
XRP chart – a pressure cooker
The price of XRP is explosive because its chart is a pressure cooker.
Below is the XRP weekly chart. The timeline annotations are ours; they highlight the symmetric bullish W-structure.
The symmetric structure is complete soon, say next week or the week after.
RELATED – A Wild Unexpected XRP Price Target For July 2024
Coincidence or not, the Ripple/SEC might have a pivotal evolution, tomorrow, if the SEC’s Sunshine Act notice turns out to favor XRP (not necessarily Ripple). It might turn out to be a non-event. The point is this – the market has high expectations, not on paper (web content) but the market’s supply/demand (manifested by the XRP chart).
XRP in August 2024
While we have high expectations for the coming 10 trading days, we also believe that price action will soften in August 2024.
That’s not specific to XRP; it’s broad market weakness in our view that will hit markets.
What this really means for XRP investors is that they should consider August 2nd, 2024, to be a cut off date, sort of a decision date:
- If XRP will have moved up significantly by that date, it might suggest a profit taking moment.
- If XRP will not have moved by then, it becomes a matter of time horizon (is XRP a long term vs. short term holding). Moreover, for XRP holders that want to accumulate as many as possible tokens, it might be an average down opportunity.
We will follow up on XRP price action, particularly how it behaves on its chart on both the price and time axis, with detailed updates in our crypto research service >>
