XRP price shows bullish comeback, rising 3% to $0.5. The positive trend began with Franklin Templeton Investments’ Bitcoin ETF filing and was further supported by favorable US CPI data.
XRP’s impressive bounce from $0.46 support led to a breakout from a falling wedge pattern, reclaiming higher support at $0.5. The 100-day EMA at $0.5018 acts as immediate resistance, but a close above it could pave the way for a push towards $0.7.
The formation of the falling wedge pattern indicated an upcoming bullish breakout. Traders anticipate a break above the trendline resistance, accompanied by increased volume, to confirm the breakout. The target for buy orders is typically 7% based on the widest points of the pattern.
The bullish outlook is supported by the MACD indicator, with the blue line staying above the red signal line. This suggests increasing momentum and a potential move into the positive region.
Short-term speculators may consider taking profits around $0.52, the breakout target of the falling wedge pattern. However, optimistic investors might hold their positions in anticipation of Ripple’s victory party later in September.
Ripple’s upcoming celebration, dubbed a “Proper Party,” is scheduled for September 29. It marks the win against the SEC, which determined that XRP sales on third-party platforms are not securities.
The event may include major announcements, such as plans for an IPO or a potential settlement with the SEC.
While a settlement is unlikely, an IPO announcement could fuel a significant XRP rally, potentially surpassing the $1 mark.
Ripple emphasizes that the celebration is not solely focused on XRP’s price but also signifies a milestone for the entire crypto sector.