While the prices of most assets in the cryptocurrency market remain largely stagnant, Ripple‘s price is moving in the same direction. However, certain indicators on the monthly time frame suggest that the historical trend for this crypto asset could soon change, indicating a potential upward movement in price.
According to data shared by crypto analyst Cryptoinsightsuk on August 14th, XRP is currently exhibiting a price movement above the intersection of the 20-day simple moving average (SMA) and the 50-day SMA on the monthly chart, a pattern that hasn’t been seen in the past five years.
The crypto expert also revealed that XRP returned to test the 50-day SMA as support. The last time we saw this rise in the two SMA averages was in 2017, which led to the biggest bull run in XRP history.
Meanwhile, XRP’s price is currently at $0.629, indicating a 0.14% increase in the past 24 hours and a 1.68% gain in the previous seven days. As shown in the latest charts, there was a 13.37% decrease in price last month.
The developments in the legal case between blockchain company Ripple and the U.S. Securities and Exchange Commission (SEC) also played a significant role in shaping XRP’s price movements, as seen when the price nearly doubled within a few hours a month ago.
Furthermore, the possibility of an XRP exchange-traded fund (ETF) emerged following the addition of XRP to Gemini, a crypto exchange that made the first application for a Bitcoin ETF-like legal approval in 2013, following the example of Coinbase. However, most experts believe this scenario is unlikely.