XRP did an outstanding job recovering after the August 5th, 2024, broad market sell off. Because of the strong recovery, suggesting buying at critical levels, the price of XRP is confirming the validity of the long term bullish pattern.
While many cryptocurrencies faced serious challenges on August 5th, 2024, a small group recovered strongly. XRP is one of the few tokens that registered a strong intraday reversal after the initial ‘dump.’
XRP price – pressure cooker
We have been shouting it from the roof since April 2024: we remain bullish XRP with ATH as a long term XRP prediction.
One should only look at the long term structure of the XRP chart to understand the bullish potential of XRP.
The big problem with a long consolidation is that market participants get bored, frustrated, disappointed. That’s the terminology they tend to use to indicate that they are not happy with the absence of big spikes (higher) in terms of price.
What 99% of investors tend to forget is that a long consolidation creates tremendous bullish power provided support structures are respected. That’s because all sellers are leaving on every dip; only buyers are left over a longer period of time.
It’s obvious what this may do with price.
XRP price chart bullish structure intact
The long term chart structure is and remains firmly bullish despite the sell-off event on August 5th, 2024.
Looking at the long term XRP chart, is it clear that the bullish reversal pattern is intact.
The important take-aways is this:
- XRP is completing a very long term bullish triangle in the coming 3 to 4 months.
- Moreover, once XRP moves above its 50% Fibonacci level, see purple line on our chart, it will mark a major secular breakout with objective 3 USD.
Nothing, absolutely nothing, has changed when it comes to the bullish character of the XRP chart.
XRP – what’s next?
The fundamental progress of Ripple is amazing.
There are not a lot of blockchain projects that can show a progress similar to what Ripple is doing.
With this, sooner or later, the utility of XRP as a token will be positively impacted.
As said many times, we believe RWA will be the next big thing in crypto. XRP supported by Ripple are well positioned to be a winner in the new RWA trend:
The Q2 ’24 XRP Markets Report is now live – while overall crypto markets saw high volatility over the quarter, institutional adoption remained front and center through RWA tokenization and key regulatory milestones such as MiCA going into effect. https://t.co/UTL5NQSWHk
— Ripple (@Ripple) August 2, 2024
Moreover, the following post says it all:
XRPH is proud to be the first pharma and healthcare platform built on the XRP Ledger.
Stay tuned for groundbreaking updates—you don’t want to miss out!
Join the journey: https://t.co/EGhM4Lkv1c pic.twitter.com/p9U9gcadFB
— XRP Healthcare (@XRPHealthcare) August 2, 2024
We continue to like XRP a lot. We believe XRP will move to new ATH in the period mid-2025 to mid-2026.
