XRP price continued its strong momentum today, July 11, as the crypto market surge gained steam. Ripple rose for the fourth consecutive day and crossed the psychological point at $2.50. Its strong technicals and ETF inflows suggest that the token will surge to $5 as Bitcoin surges to a record high.
XRP Price Technical Chart Points to a Surge to $4.2
The daily timeframe shows that the XRP price went sideways for many months in 2024. This consolidation was part of the accumulation phase of the Wyckoff Theory, which explains why it made a strong breakout in November. The 500% surge was part of the markup phase of this pattern.
XRP has been in a consolidation period throughout this year as it formed a symmetrical triangle pattern. Therefore, the combination of the surge in November last year and the triangle pattern mean that it has been forming a bullish pennant. A bullish pennant is a common continuation sign in technical analysis.
The profit target in a pennant is established by first measuring the height of the flagpole, which is about 85%. After this, one measures the same distance from the breakout point, which, in this case, is at $2.3.
Therefore, the most likely XRP price forecast is bullish, with the next target being at $4.2455. A surge to that level will be confirmed if it surges above the year-to-date high of $3.92.
The bullish outlook will become invalid if it drops below the lower side of the triangle pattern at $1.9.
Bitcoin Surge and XXRP ETF Inflows
The bullish XRP price prediction has numerous catalysts this year. The most bullish outlook is the soaring Bitcoin price, which made a strong breakout and reached an all-time high of nearly $120,000. Historically, most altcoins often follow in Bitcoin’s footsteps.
Bitcoin surged because of the rising spot BTC ETF inflows in the United States. The cumulative inflows soared above $51 billion this year, a trend that may continue as more institutional investors pile in.
The surging ETF inflows and Bitcoin treasury companies’ demand coincided with the ongoing plunge in exchange supply. As such, this imbalance helped to stimulate the short squeeze.
XRP price also jumped after the latest Brad Garlinghouse testimony in the US Congress. He continued to advocate for friendly crypto regulations and also shared his vision for Ripple.
Meanwhile, the recently launched XXRP ETF, which provides a leveraged exposure to XRP, has continued to have inflows despite its high fees. It has achieved total assets of over $189 million, and there are chances that it will hit $200 million either on Friday or next week.
XRP price will also benefit from the upcoming “Crypto Week” in Washington. The GENIUS Act will be one of the bills that Congress will consider. XRP is exposed to this because of RLUSD, which crossed the $500 million market cap milestone this week.
The XRP price has numerous tailwinds that may push it much higher in the coming weeks. Some of these tailwinds are the ongoing Bitcoin surge, the XXRP ETF inflows, and the upcoming Crypto Week.
Frequently Asked Questions (FAQs)
XRP price will likely keep rising and possibly hit the year-to-date high of $3.4. A move above that level will point to more gains, potentially to $4.2.
The most important catalyst is the ongoing Bitcoin and crypto market bull run. It also formed a bullish pennant pattern on the daily chart.
XRP price is also set to surge because of the ongoing inflows into the XXRP ETF.
crispus
Crispus is a seasoned Financial Analyst at CoinGape with over 12 years of experience. He focuses on Bitcoin and other altcoins, covering the intersection of news and analysis. His insights have been featured on renowned platforms such as BanklessTimes, CoinJournal, HypeIndex, SeekingAlpha, Forbes, InvestingCube, Investing.com, and MoneyTransfers.com.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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