With the majority of assets on the cryptocurrency market trading largely sideways, XRP is no exception. However, the historical behavior of certain indicators on the monthly timeframe suggests that the situation might change soon for this crypto – and for the better.
As it happens, the token is currently demonstrating chart patterns last seen five years ago, when XRP versus Bitcoin (BTC) on the monthly timeframe reclaimed the 20-period and 50-period simple moving average (SMA), according to the observations of the pseudonymous crypto analyst Cryptoinsightsuk shared on August 14.
Furthermore, the crypto expert explained that XRP “has also wicked back to the 50 SMA to test it as support (if we continue to hold out the month),” adding that the “last time we saw a bullish claim of these two SMAs on the monthly timeframe was 2017,” which led to “the biggest bull run in XRP history.”
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XRP price analysis
In the meantime, the price of the XRP token currently stands at $0.629, which represents an increase of 0.14% in the last 24 hours, a 1.68% gain across the previous seven days, as well as a 13.37% decline over the past month, as the recent charts indicate.
It is also worthing that the developments in the legal case between blockchain company Ripple and the United States Securities and Exchange Commission (SEC) also play a major influential role in forming the price movements of XRP, as witnessed one month earlier when it nearly doubled its price in a matter of hours.
Meanwhile, rumors have appeared of a possible XRP exchange-traded fund (ETF) after crypto exchange Gemini, the founders of which in 2013 became the first to file for a spot Bitcoin ETF-like trust, followed the example of Coinbase and officially added XRP to its portfolio. However, Bloomberg’s ETF research analyst James Seyffart said that this was unlikely.
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