3 mins readXRP's price went up a lot. This happened after a court said selling XRP on crypto exchanges is okay according to US laws. This is really good news and lots of people who invest money are now very hopeful. This made the value of XRP to go up even more. Let's talk about why the price went up so much and what it might do in the future.
XRP price analysis chart. Source: TradingView
A Big XRP Jump Backed by Whales
One hint that XRP's big jump might not be short-lived is the spike in trading. People are trading XRP really fast. We haven't seen it this busy in the last 10 months. People are interested, and this is showing in the market. Plus, big money transactions with XRP reached their highest in 2023. This means that rich people are really getting behind XRP. This can make the price go up even more.
Something cool we noticed is that whales didn't sell their XRP even though the price went up so high. They're buying even more! This tells us the big guys believe that XRP will be even more valuable in the future. They're setting up for even bigger wins. It makes a lot of people excited that whales are buying up XRP during this boom. Analysts say this might mean the rally is just beginning. How cool is that?
XRP seven-day price chart. Source: Finbold
Technical Breakdown and Future Price Goals
When we look at the XRP numbers, it looks like it could reach $1 soon. But, it could be tough for it to keep growing after that. Just after the price dropped on July 14, we saw a tough part to pass, a mix of a trendline going sideways for years and a trendline heading down. This made it harder for XRP to get more valuable. Plus, a number we look at called the 'weekly relative strength index' for XRP shows it is "overbought." Which means, it might go down soon.
If this dip does happen, we might see XRP value reaching near a support line that's slowly going up over the years. This puts it around $0.45 in September. So, XRP's price could fall close to 55% from where it's at now. But, there's also a chance the overbought status could make XRP's price just stay still, perhaps stuck between $0.75 and $1.
If XRP can break past that tricky $1 line, the next goal could be around $1.35 by September. This number was a tough resistance point from last year. So, it looks like exciting times ahead for XRP. Let's wait and see!
XRP technical analysis. Source: TradingView
Final Thoughts
The recent jump in XRP's value after the court's decision has gotten a lot of attention from people wanting to buy and sell. It looks like this rise isn't just happening on its own - a lot of people are trading it, and even big-time buyers are getting more of it. Even with all this excitement, we can't forget what we saw in the charts. It's looking like XRP will run into difficulty growing past the $1 mark and could even correct lower.
People should keep an eye on important growth and decrease lines to try to guess where XRP might go next. And, as always, it's a good idea to be cautious. Make sure to do all your homework before making any moves with your money. The world of crypto is exciting, but it can also be risky. So educate yourself, watch the market, and stay safe!
