XRP’s Explosive Bullish Momentum Could Skyrocket to $18 by September

Last Updated on July 31, 2024 by SPN Editor

XRP has experienced a bullish momentum recently, maintaining its position above the critical $0.60 mark. The token is currently steady above $0.617, reflecting a 3% increase over the past week. Over the past month, XRP has significantly outperformed Bitcoin (BTC), with a 26% rise compared to Bitcoin’s 9% increase. Crypto analyst hints at XRP touching $18 by September 2024.

Regulatory Speculation and Upcoming Events

Adding to market speculation, the United States Securities and Exchange Commission (SEC) has scheduled a closed-door Sunshine Act meeting for August 1, 2024. This has sparked discussions within the crypto community about potential regulatory changes that could positively affect XRP’s performance.

On the same day, Ripple is set to unlock 1 billion XRP tokens worth over $627 million.

Why XRP is Experiencing Bullish Momentum Now

The current crypto market is filled with excitement as Bitcoin (BTC) holds steady around the $66K mark after a brief dip to $65K. Meanwhile, Ethereum (ETH) is showing a sluggish performance, lingering near $3.3K. Meanwhile, XRP has defied the broader market trends indicating a bullish momentum.

Surge in Whale Accumulation

According to on-chain data provider Santiment, there has been a significant increase in the number of wallets holding at least 10,000 XRP over the past five weeks. Santiment data reveals that there are currently 279,400 such large wallets on the XRP ledger, reaching a six-month high. In 2024, the correlation between the growth of these large wallets and XRP’s market value has been notably strong.

Regulatory Optimism

Another factor contributing to XRP’s price surge is the optimism surrounding regulatory developments. Analysts predict that the SEC’s potential removal of Solana (SOL), Cardano (ADA), Polygon (MATIC), and other altcoins from the ‘securities’ category in the Binance lawsuit could lead to a quicker settlement in the XRP lawsuit. This potential regulatory clarity is boosting investor confidence in XRP.

XRP’s Path to $18

Crypto analyst Dark Defender suggests that XRP’s technical indicators point to extreme bullish momentum, indicating a potential breakout. In his recent analysis, Dark Defender highlighted that XRP is in a consolidation phase over a three-month timeframe, suggesting a breakout could be imminent. The crucial support level at around $0.39, the 23.60% Fibonacci retracement level, has been tested multiple times, underscoring its importance as a floor price.

Conversely, the resistance level near $0.93, at the 100% Fibonacci retracement, acts as a significant barrier. A breakthrough above this resistance could signal a strong bullish trend. The $0.60 level has provided short-term support, maintaining XRP’s stability amid broader market volatility.

Investment Implications on Bullish Momentum

For bullish investors, a confirmed breakout above $0.93 presents a prime buying opportunity, with substantial upside potential at the projected targets of $1.88, $5.86, and ultimately $18.24 at Fibonacci retracement levels 161.80%, 261.80%, and 361.80%, respectively.

Conversely, a failure to hold the $0.39 support level could signal a bearish trend, necessitating caution and potential short-selling strategies. Monitoring these critical levels and the symmetrical triangle pattern will be essential for making well-informed trading decisions in the upcoming months.

Analysts believe that a breakout from the current consolidation phase could catalyze a significant rally, with the potential to reach $18 by September. XRP’s recent performance, combined with strong technical indicators and potential regulatory developments, suggests a highly bullish momentum. Investors should closely monitor key support and resistance levels, particularly the $0.93 mark, as a breakout above this level could lead to substantial gains. The next few months could be pivotal for XRP, making it a key cryptocurrency to watch in the market.

XRP’s bullish momentum is driven by significant whale accumulation and positive regulatory developments. These factors have positioned XRP as a standout performer in the current crypto market, defying broader trends and showing potential for continued growth.

Disclaimer: This news feature is for informational purposes only and does not constitute financial advice. Always conduct your own research and consult with a qualified financial professional before making investment decisions.