When Will XRP Price Increase? This is the Analysis!

Bittime – XRP price movements are worth paying attention to, especially after recent developments from the SEC indicated the potential for significant movement in the near future. The following is a complete explanation of the analysis of XRP price increases.

XRP at Point of Outperformance

The Bollinger Bands indicator on the monthly chart shows the current XRP price consolidation. However, a look at XRP's market dominance reveals a clear outperformance, a pattern that often precedes major rallies.

With monthly volatility at its lowest and indicators pointing to a bottom forming, XRP may be ready to rally. If this happens, XRP has the potential to become one of the most promising altcoins in the short term.

XRP Price Today

When this article was written on August 17, the price of XRP was red with a decline of -0.42% at a price of IDR 8,887 or around $0.5642. This decline is normal because the XRP graph is still relatively stable.

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Potential Upward Breakout on XRP/USD Chart

Additionally, XRP has outperformed the market for 10 consecutive weeks on the weekly chart, providing a strong signal for a potential upside breakout on the XRP/USD chart. 

Although the price of XRP/USD is currently stagnant, the total market capitalization of XRP shows undeniable and sustainable strength.

This indicates that XRP may be well positioned for future gains, supported by strong market metrics.

Looking at these technical indicators and the influence of the latest developments from the SEC, XRP may be ready to reach its anticipated targets.

Increased Whale Activity in XRP

Whale activity increased after a large XRP holder recently added 7 million XRP worth $4.1 million to his holdings from UPBIT within 24 hours.

This action brought their total XRP holdings to 5,553 million XRP, worth $3.25 million.

This large accumulation by whales is a potential signal of a bullish move for XRP, indicating that the price may rise in the coming months, especially as large investors continue to add to their XRP holdings.

Lastly, a negative crypto funding rate signals a good buying opportunity. With other positive indications, XRP's dominance is poised to grow, potentially pushing the price higher and making it a strong investment in the coming months.

Challenges and Opportunities Before Our Eyes

Although technical indicators and market activity suggest strong bullish potential, it is important to consider other factors that could influence the price of XRP.

The ongoing legal case between Ripple and the SEC is still in the headlines, and the latest developments in the case could have a significant impact on the price.

Apart from that, the overall condition of the crypto market also needs to be considered. Bitcoin movements, as the largest cryptocurrency, often influence altcoin movements, including XRP.

If there is a major correction in the crypto market, XRP also has the potential to experience a price decline.

However, with support from a strong community, a growing ecosystem, and the potential use of XRP in a variety of financial applications, XRP has a great opportunity to grow in the long term.

Partnerships with large companies and adoption of Ripple technology by financial institutions could be key catalysts to push XRP prices higher.

Read Also: Indonesian Crypto Tax: OJK Prepares New Rules for Crypto Transactions

Conclusion

XRP is showing positive signs based on technical analysis and market behavior. However, it is important to remain cautious and conduct in-depth analysis before making an investment decision.

Portfolio diversification is also a wise strategy to reduce risk.

By looking at XRP's growth potential and existing challenges, investors can make a more informed decision about whether XRP is worth being part of their portfolio.

How to Buy Crypto on Bittime

You can buy and sell crypto assets easily and safely via Bittime. Bittime is one of Indonesia's best crypto applications, officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also ensure you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Study Complete Guide How to Buy Crypto on Bittime. 

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