The XRP price continues to display strong upward momentum, with a target of retesting its 2021 highs at around $1.9. The recent judgment summary provided some clarity on investment contracts for the Ripple-backed digital asset, leading to increased trading volume.
Furthermore, the coin has regained listing on almost all centralized digital asset exchanges that had previously de-listed it due to regulatory concerns from the US Securities and Exchange Commission (SEC). However, the SEC’s persistence in pursuing its stance on considering most digital assets as securities is evident as it files a new motion for an appeal.
XRP Price Analysis
A prominent XRP enthusiast trader and strategist known as Dark Defender (@DefendDark on Twitter) has provided insights into the XRP price action. The analyst suggests that the coin is awaiting a daily bullish indicator to continue its upward momentum. Notably, Dark Defender points out that bullish indicators are already present in the weekly and monthly time frames.
Dark Defender identifies a support level of around $0.7157, and the daily chart indicates that XRP is currently within the bull-flag area. The analyst anticipates the XRP price to consolidate within the range of $0.7781 and $0.7157 before an imminent breakout, expected to occur by July 27. Interestingly, the analyst initially expected the breakout to happen in August, but the first bullish leg occurred in July instead.
According to Dark Defender, the upcoming decision on XRP’s price movement is crucial, with an expected uptrend continuation as the second leg on or before July 27. The analyst foresees the XRP price heading towards $1.67 in the short term and $3.39 in the longer term if the bullish momentum persists.
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