Ripple (XRP) Going Up? Expert Reveals 6 Bullish Factors

Interest in the crypto market has grown because of Ripple (XRP), the cryptocurrency linked to the digital payment system.

Recent events have led market experts to identify several positive factors that could propel XRP to new heights. Among these experts, Alex Cobb has identified six key elements that point to an upcoming price increase for XRP.

The cryptocurrency market has been closely following XRP’s performance, especially given its recent legal issues and market changes. Despite dropping 8.92% on July 18 after testing the $0.63 level, XRP has bounced back and is now trading at $0.6064.

Also read: Ripple: Why XRP Could Hit Its Highest Price Since 2021

Six Key Factors That Point To An XRP Price Explosion

1. Monthly Trendline Resistance Breakout

One of the most essential technical signals that experts have noticed is XRP’s recent breakout above the monthly trendline resistance. This trendline was part of a six-year triangle pattern and the breakout is bullish.

2. Seven-year RSI trend line break

Traders use the Relative Strength Index (RSI) tool to check whether an asset is overbought or oversold. XRP’s monthly RSI recently broke above a seven-year resistance trend line and the price is up 27.11% this month. Many analysts see this as a strong, bullish sign.

3. XRP/BTC ratio recovers

The XRP/BTC ratio, which measures how XRP is performing against Bitcoin, has staged a major comeback. After dropping 68% from November 2023 to June 2024, the ratio has recovered, with XRP outperforming Bitcoin by 36% since June.

Also read: How Much Ripple (XRP) Investments From 2018 Are Worth Today

4. Restoring XRP Market Dominance

XRP’s share of the overall crypto market, which had been declining for ten months in a row, is showing signs of recovery. From a low of 1.05% on June 7, 2024, it has risen by 38.23% to 1.45%.

5. Possible launch of XRP ETF

The idea of ​​an XRP Exchange-Traded Fund (ETF) is exciting for the crypto community. Recently, 21Shares showed interest in launching an XRP ETF, which could attract more large investors and make buying and selling XRP easier.

6. SEC Case Decision

Ripple’s legal battle with the SEC is nearly over. Ripple CEO Brad Garlinghouse said the case will be resolved by the end of the summer, which could clarify the rules and increase confidence in XRP.

Also read: Ripple: Algorithm Predicts XRP Will Reach $6: Here’s the Timeline

These six factors have led experts like Alex Cobb to suggest that it would be unwise to sell XRP now. Technical improvements, better market performance, and potential new developments make the future of XRP promising.