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XRP XRP breaks through new macro trends after seven years of consolidation.
Alternative currencies for Ripple are about to usher in a bullish market. Can XRP hit a record high this year? As the cryptocurrency market approaches the end of July, market sentiment seems to be turning to a bullish recovery phase. Currently, bitcoin prices need to break through the $66,000 range and hold that line to ensure a bullish outcome. At the same time, Ethereum and alternative currencies also showed their respective demand signals. In particular, XRP has broken through into new macro trends after seven years of consolidation.
After seven years of consolidation, XRP breaks through new macro trends
Many analysts have shifted from bearish to bearish. One analyst even sold all short positions in Bitcoin and began accumulating bullish assets, starting with Bitcoin, Ethereum and Coinbase. Although the market has expressed strong confidence in the upcoming turn, some analysts remain bearish, believing that there may be another final price decline that will pull Bitcoin down to $50,000. Specifically, the expectations are as follows: Bitcoin may first recover to US$80,000 and then fall to the bear market bottom, around the US$54,000 range. Similarly, Ethereum prices are expected to rise to $2,200 before eventually falling back to around $1,300. Ripple's native token XRP is expected to fall to US$0.8 first and then recover to a higher bullish target.
Currently, the market has high expectations for an explosive bullish trend in XRP prices. This is because XRP has been in a consolidation state for the past seven years, and finally broke through into new macro trends. This suggests that the trend has not failed, but that the market is testing one of the biggest breakthroughs in XRP history. Indeed, this popular alternative currency may be brewing a major move.
Ripple XRP may be bullish
Another expert also joined the bullish ranks, pointing out that just a year ago today, XRP reached a cyclical high of $3.66, a moment that long-term investors will never forget. Since then, the downward trend has begun, and bearish pressure has been tested repeatedly over the past year, but has only now been completely broken. As major countries around the world advance legislation in support of cryptocurrencies, the urgency of passing the Clarification Act in the United States is unprecedented. The timing couldn't be more perfect, as XRP has quietly escaped a year-long downward pressure. This is undoubtedly a positive catalyst for the cryptocurrency community. From a technical perspective, a clear inverted head and shoulder pattern is taking shape, signaling bullish gains for XRP holders.
