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XRP price is creating a bullish atmosphere, just like many other cryptocurrencies in the market. This rise, which increased the value of XRP by 2% to $0.5, came back to the agenda with Franklin Templeton Investments’ new spot Bitcoin exchange-traded fund (ETF) application and then received support with the effect of US CPI data.
XRP Price Initiates a Rise Towards $1
The leading international crypto payment token supported by the XRP Ledger made an impressive jump from the $0.46 support, broke out of a wedge pattern, regained a higher support level of $0.49, and then lost this level again with a small drop.
XRP price is currently trading just below $0.5, and the 100-day Exponential Moving Average (EMA) (blue), which is preventing upward movement, is at $0.5018. A four-hour and daily close above immediate support could pull down the resistance in the moving average, paving the way for the strengthening of the cryptocurrency and reaching $0.7.
The formation of a falling wedge may indicate a breakout in the upward direction. This is a reversal formation created by two trend lines connecting a series of lower highs and lower lows.
Investors look for a break above the trendline resistance with an increase in volume to confirm the breakout. Buying orders usually find a target point of 7% equal to the distance between the widest points of the formation above this breakout point. For now, considering the upward view exhibited by the buy signal from the Moving Average Convergence Divergence (MACD) indicator, the least resistant path can be accepted as upward.
As bulls gain confidence in the uptrend, the expectation of a rise is met with the strength behind XRP and the blue MACD line staying above the red signal line. It can be expected that the momentum indicator will close the gap to the average line (0.00) and eventually rise to the positive zone.
Short-term traders may want to reserve their profits from the breakout target of $0.52 in the falling wedge formation. However, high-level investors may consider holding their positions solidly before Ripple‘s victory party at the end of September.
Ripple’s Victory Party
Ripple is preparing to organize a major event to celebrate its victory against the Securities and Exchange Commission (SEC) on September 29. In the court decision taken in July, it was determined that XRP sales on third-party platforms are not securities when the direct sales to institutions are disregarded.
Brad Garlinghouse, CEO of Ripple, said in a statement on August 28 that it is time to celebrate a “Suitable Party” that will not only mean the company’s profit for the leading international payment network but also a milestone for the entire crypto sector.
Meanwhile, Ripple noted that the celebration is not only about the price of XRP but also maintains the possibility of major announcements taking center stage. According to a popular member of the XRP community, Ripple may also share its plans for an IPO. Speculations about reaching a settlement with the SEC are also among the topics discussed. Positive news that may come can push the price above $1.
