As a volcano that accumulates pressure before an eruption, XRP is brewing a movement that could explode strongly and carry its price above 3 dollars.
As the days go by, that pressure intensifies and grows the chances that the break is imminent. This expectation does not arise from nowhere itself but is based on the signs that the technical analysis has been throwing.
Is that the cryptocurrency issued by Ripple Labs The final phase of formation of a bullish flag is travelinga pattern that usually anticipates price increases as indicated by its name. For that reason, the mood of investors usually awakens.
It is important to point out that this pattern begins with a strong bullish movement (flag horn), followed by a price consolidation stage, where maximum and minimum converge until it is played at a point and thus form the flag. Generally, it is resolved in the direction of the initial trend, that is, upwards.
If the technical analysis is correct, then XRP’s upward breakdown could occur, no later than the end of July and early August, as seen in the following graphic of TrainingView:
In that sense, we must highlight another encouraging fact for the price of XRP: The macroeconomic context is accompanying the formation of the bullish flag. As cryptootics reported, the high fire in the 12 -day war between Israel and Iran brought relief to financial markets, including Bitcoin (BTC) and cryptocurrencies. And, if this were not enough, this week could be decisive, with the publication of macroeconomic data and key events that will influence the mood of short -term investors.
This is because, in uncertainty contexts, speculators usually take refuge in safer assets, such as treasure bonds, although they offer lower yields.
The starting point will be Tuesday, when Jerome Powell, president of the United States Federal Reserve, participates in a European Central Bank panel with other central bankers. If you give signs of a more flexible monetary policy, That could favor assets considered “risk”like cryptocurrencies.
In addition, important data from the United States labor market will be published, such as the June Manufacturing Index of the Supply Management Institute (ISM) and the data corresponding to May of the Vacancies and Labor Rotation Survey (Jolts). On Wednesday and Thursday, June employment figures will be known, indicators that investors closely follow their impact on the Fed decisions on their monetary policy.
Apart from the macroeconomic context, the expectation for the possible approval (or rejection) of the Bag (ETF) funds based on XRP grows. Several signatures, such as Canary Capital, 21Shares, Bitwise, Grayscale, Franklin Templeton and Coinshares, have submitted their respective applications before the United States Stock Exchange and Securities Commission (SEC) but so far they did not receive a definitive response.
The launch of these ETFs could increase XRP exposure between traditional investors and attract greater liquidity to the Ripple Labs ecosystem. However, it should be clarified that this does not guarantee that its price will shoot up. A sample of this is what happened with the ETF of Ether (ETH), the native cryptocurrency of Ethereum, which have not had the expected impact on their price, despite having been approved and launched to the market.
On the other hand, more and more companies are analyzing the possibility of incorporating Ripple’s cryptocurrency into their treasury. Companies like Vivopower and Trident, which are traded in Nasdaq, have announced plans to allocate funds to the purchase of XRP, which could generate bull pressure in its price and strengthen your position as long -term reserve assets.
Discharge of responsibility: The views and opinions expressed in this article belong to its author and do not necessarily reflect those of cryptootics. The author’s opinion is informatively and under no circumstances constitutes an investment recommendation or financial advice.
