Last week, the approval of the Ethereum Futures ETF triggered the rise of cryptocurrencies. XRP, the 5th largest cryptocurrency, did not show a different movement and accompanied the rise. XRP, which continues its existence as the 5th largest cryptocurrency, turned back from the $0.49 support level and reached a price level that could satisfy its investors at $0.55 and then retraced slightly.
The entire cryptocurrency world was wondering when XRP would surpass $1 after the SEC case. After the positive outcome in July against the U.S. Securities and Exchange Commission (SEC), there was a clear price increase, and it almost reached the $1 level. Before the price drop started, the price reached the $0.93 level.
In another event, it was thought that the party organized by Ripple in New York could have an impact on the price. Investors spent the weekend with this expectation. However, despite the enthusiastic crowd and the impressive speech by Brad Garlinghouse, there were no statements that investors were expecting about the future of the cryptocurrency and Ripple company.
Apart from Ripple, investors focused on the launch of the first Ethereum futures ETFs that started trading on Monday. Perhaps the lack of significant price catalysts around new investment products and the lack of Suitable Party excitement could have caused XRP to refuse a sudden pump towards $1. However, from a micro perspective, if XRP breaks out of the symmetrical triangle formation, it could start climbing towards $1.
The key to the price increase is to maintain the $0.5 key level guarded by the bulls. This support level can also contribute to the necessary driving force for a price rally that can start after a breakout above the triangle formed by the formation.
The Moving Average Convergence Divergence (MACD) indicator gives a buying signal, which may support the expectation of an uptrend. If the cash flow above the $0.5 support increases and the MACD can move above the neutral zone (0.00), we may see a movement in the opposite direction in the XRP price.
A breakout from the triangle could mean that XRP could experience a potential 27% increase and move towards $0.67, triggering movements towards $0.85 and $1 price levels, respectively. According to crypto analyst @DefenderDark, as long as the $0.5 support continues, the XRP price may have the potential to rise to $0.66. According to him, XRP broke its first resistance and also tested it again.