XRP Price Prediction: XPR Coin Price Could Be Ready for a Rally as it Includes Some Bullish Cues

Ripple (XRP) price remained near $0.6 but failed to recover from the market crash at the start of Aug. 2024. Absent a miraculous rally, the token is likely to close the month with losses of around 9% or more.

As the month of August nears its end, the price of Ripple (XRP) has remained stubbornly close to the $0.6 mark, failing to recover from the market crash that began on August 2024.

Barring a miraculous last-minute rally, the token is set to close the month with losses of approximately 9% or more.

However, despite the token’s poor performance in August, there are several bullish cues that could set the stage for a XRP coin price rally in September.

Several factors are converging to support XRP’s prospects for September. The potential for a Federal Reserve rate cut could provide a bullish signal for riskier assets such as cryptocurrencies, leading to a rally in the broader market.

In this scenario, the XRP crypto token could emerge as an attractive option for investors seeking to diversify their portfolios beyond Bitcoin and Ethereum.

As anticipation builds for a rate cut, the favorable environment for risk assets could extend to XRP, potentially leading to a price increase.

While not immediately reflected in XRP’s price, Ripple’s recent legal victories are providing crucial regulatory clarity that could drive a reassessment of the token’s value among investors.

The clarity reduces the legal risks associated with holding XRP coins, potentially leading to increased institutional interest.

As the market digests these developments, the XRP crypto token could experience a delayed but meaningful price increase.

Moreover, there has been substantial accumulation among large XRP holders, a bullish signal that often precedes upward price movements.

This accumulation activity reflects growing confidence in XRP’s future performance, boding well for the token’s price trajectory.

Additionally, the upcoming launch of Ripple USD (RLUSD) could be bullish for XRP by enhancing market liquidity and expanding the XRPL ecosystem.

The stablecoin will contribute to solidifying XRP’s utility in cross-border transactions and DeFi applications, potentially driving demand.

Meanwhile, the XRP USD pair has formed a bullish technical pattern known as the ‘ascending triangle formation.’

This pattern emerges when a horizontal resistance line connects swing highs and an ascending trendline links higher swing lows.

This setup indicates increasing buying pressure as the price approaches the resistance level.

The significance of this pattern lies in the potential for a breakout. Typically, as the price nears the resistance level, a surge in trading volume confirms the likelihood of a breakout above it.

The ascending triangle formation provides a clear framework for assessing potential price movements in the near term.

In technical analysis, the pattern’s price target is calculated by measuring its height and projecting it from the breakout point.

For the XRP crypto coin, this calculation suggests a price target near $0.98, a spike of 73% from the current level.

Currently, XRP is testing the pattern’s upper trendline resistance.