XRP price is experiencing a bullish comeback like many of the cryptos in the market. This bullish outlook that has seen XRP increase in value by 3% to $0.5 started with the new spot Bitcoin exchange-traded fund (ETF) filing by Franklin Templeton Investments and was later bolstered by a positive response to the US CPI data.
XRP Price Launches Bullish Move To $1
The most prominent cross-border money remittance token powered by the XRP Ledger has made an impressive bounce from support at $0.46, pushing out of a wedge pattern and reclaiming a higher support at $0.5.
XRP price now sits marginally above $0.5 but holding movement to the upside is the 100-day Exponential Moving Average (EMA) (blue) at $0.5018. A four-hour to a daily close above the immediate support might allow for momentum to grow strong enough to pull down resistance at the moving average and clear the path to $0.7.
The formation of a falling wedge pattern implied that a bullish breakout was due. This is a reversal pattern formed by two trendlines connecting a series of lower highs and lower lows.
Traders watch out for a break above the trendline resistance, accompanied by a spike in volume to confirm the breakout. Buy orders are often triggered above this breakout point, with a target of 7% – equal to the distance between the widest points of the pattern.
For now, the path with the least resistance is to the upside based on the bullish outlook exhibited by the buy signal from the Moving Average Convergence Divergence (MACD) indicator.
The momentum behind XRP increases as bulls gain confidence in the uptrend, characterized by the blue MACD line holding above the red signal line. The momentum indicator is generally expected to close the gap to the mean line (0.00) and ultimately lift into the positive region.
Short-term speculators may want to book their profits from $0.52, which marks the falling wedge pattern breakout target. However, highly bullish investors might consider keeping their positions intact ahead of Ripple’s victory party later in September.
Ripple’s Victory Party – What’s In Store
Ripple is getting ready to hold what the company has dubbed a “Proper Party” to celebrate the win against the Securities and Exchange Commission (SEC) on September 29. The ruling, made in July determined that programmatic sales of XRP on third-party platforms are not securities as opposed to direct sales made to institutions.
Brad Garlinghouse, the CEO of Ripple, said on August 28 that it is time for a “Proper Party” which will not only celebrate what the win means for the leading international payment network but also a milestone for the entire crypto sector.
As promised – it’s time for that proper victory party.
The last few years have been quite the journey and I look forward to sharing a celebratory toast on Sept 29 in NYC! https://t.co/9YDQGnK6Pg
— Brad Garlinghouse (@bgarlinghouse) August 28, 2023
Meanwhile, Ripple has maintained that the celebration is not only about the price of XRP, with the possibility of major announcements taking center stage. According to a popular XRP community member, Ripple could announce its plans for an IPO. There are also speculations of a settlement with the SEC.
My conservative predictions for the Ripple/XRP community party:
-Ripple announces full settlement with SEC
-Ripple announces IPO
-XRP runs past all time high during the party
-Gary Gensler is marched naked through crowd as we all yell “SHAME”
-XRPP does Jell-O shots with B-Rad— XRPP (@XRP_Productions) September 5, 2023
While a settlement is an unlikely outcome at the event, plans for an IPO are ripe for Ripple which might in turn fuel a massive rally in XRP – one that’s strong enough to breach the psychological $1 hurdle.
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