Despite the $125 Million fine, the legal battle ends with Ripple receiving a favorable ruling. The news leads to an XRP 17% surge to $0.60. Will the uptrend in XRP hit $1 in August?
With the legal fine dropping from the $2 Billion proposed by the US SEC to just $125 Million, the XRP price skyrocketed for a massive run. The ballistic move resulted in a bullish engulfing candle with an 18% surge.
Completing a morning star pattern in the daily chart, the reversal from the $0.43 low on the day of the bloodbath accounts for a 40% surge. Will the recovery rally in XRP result in a price jump to the $1 psychological mark?
First to Recover from Market Crash
The reversal rally in XRP following the Monday crash achieves supersonic speed. The recovery in motion discontinues the resistance trendline and completes a V-shaped recovery.
The bullish powers overriding the trend control undermine the 7-day free fall in a single trading day. Further, XRP reclaims the market price of $0.60 and challenges the $0.65 resistance, which is evident by the higher price rejection.
As per the Fibonacci levels, the uptrend starts from the 23.60% level and challenges the 61.80% Fib level. A breakout above this level will increase the chances of XRP reaching the 1.618 level above $1.
The MACD and signal lines are ready for a bullish crossover with a decline in bearish histograms. Furthermore, the daily RSI line spikes above the halfway line and reclaims the 14-day average line. Hence, the momentum indicators are bullish for XRP.
Bullish Crossover to Fuel the Next XRP Price Run
In the 4-hour chart, the bullish recovery in XRP forms a rounding bottom pattern with a neckline at the previous swing high of $0.65. However, the recovery run faces opposition from the overhead resistance, resulting in a long wick and sideways movement at $0.60.
The 4-hour Exponential Moving Averages (20, 50, 100, and 200) are merged due to the recently increased volatility. However, a decisive upsurge with the $0.65 breakout will result in a golden crossover and increase bullish alignment chances.
Will XRP Top $1 in August?
Following the recent win, the XRP community is ecstatic, and the bulls are hyperactive. However, as the uptrend hits the supply ceiling at $0.65, a crossroads of minor uncertainty appears for XRP.
Despite the bullish trend driven by sentiment and broader market recovery, minor profit booking at $0.65 could dampen the uptrend. Surpassing the minor hiccup at the rounding bottom neckline at $0.65, XRP will have increased chances of hitting the $1 mark this month.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
