What happened?
XRP might be on the verge of another upward move in its ongoing bull run, with recent price activity supporting a bullish near-term prediction. After experiencing a 20% decline from its peak in mid-July, XRP found support at the $2.90 level, forming a double bottom, which is a classic signal indicating potential buying interest. However, broader macroeconomic conditions, including recent U.S. Federal Reserve actions and renewed trade tariffs, could impact the market’s overall outlook.
Who does this affect?
This development affects XRP investors and traders who are looking to capitalize on potential price increases. It could also influence other cryptocurrency investors who track major coins like XRP for market trends. Additionally, global traders and businesses dealing with international trade are impacted by the U.S. tariff changes, which may influence their investment decisions.
Why does this matter?
The potential breakout of XRP from its current trading pattern could significantly impact the crypto market by reinforcing bullish sentiment. If XRP confirms a breakout above $3.30, it could pave the way for further gains up to $3.60 and beyond, influencing other cryptocurrencies and investors’ risk appetites. However, declining open interest and challenging macro conditions, such as new tariffs and economic uncertainties, might affect speculative interest and dampen market optimism.