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.