Amid the broader market recovery, the XRP price surge teases a bull run ahead with a successful retest of the $0.56 level. Furthermore, the upcoming SEC meeting on July 25th is crucial, held to determine XRP’s regulatory status.
The Ethereum ETF trading starting today will likely boost the XRP price for a price jump to $1 potentially. So, let’s have a closer look at the Ripple price analysis as multiple catalysts line up to increase the trend momentum.
Will the XRP price prediction of hitting $1 in 2024 hold true? Let’s find out now.
Wedge Breakout Run Finds Additional Boost With Golden Crossover Chances
With a bullish reversal from the $0.41827 support level, the double bottom reversal in the XRP price breaks above the resistance trendline. Signalling a falling wedge breakout, the altcoin price has surged by 43% in the last two weeks.
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Amid the recovery rally, a minor setback retests the $0.56 level and the 200D EMA with a lower price rejection candle. With another V-shaped reversal, the XRP price sustains above the 50% Fibonacci level.
With a market cap of $33.66B, the altcoin price trades at $0.6021 and an intraday fall of 0.93%.
Technical Indicator:
MACD: Due to the sudden retest and slow recovery, the MACD and signal lines warn of a bearish crossover.
EMA: The 43% jump and the breakout rally increase the possibility of a golden crossover between the 50D and 200D EMA.
Will XRP Price Hit $1?
Sustaining above the 50% Fibonacci level, the bullish dominance increases the uptrend chances. However, the upcoming SEC meeting on July 25th will determine the future price trend in the Ripple token.
As the altcoin price recently surged on speculation of the Ripple-SEC settlement, a decision on Thursday on similar lines will boost XRP.
With the next resistances at $0.65 and $0.72, the bullish run could hit the 1.618 Fib level at $0.91. Thus, it will make the $1 milestone at the grasp of a bullish hand.
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