XRP Monthly Charts Still Look Bullish
The analyst highlights that XRP has been trading for the past nearly seven years in a consistent sideways consolidation which he describes as a “macro base.” According to Bobby, this extended period of consolidation is crucial for understanding the potential for upward movement.He adds, “While we are on the topic of the Bollinger Bands, they are the tightest they have ever been in the coin’s history,” he notes. This tightness suggests that XRP is at a pivotal point where any increase in volatility could lead to a substantial price movement.
Bobby theorizes that the initial movements when volatility returns might be deceptive, potentially designed to mislead market participants about the true direction of the price. He draws parallels to Bitcoin’s unexpected rally in March 2020, suggesting that XRP could experience a similar deceptive yet ultimately bullish breakout.
“The XRPETH and XRPBTC charts do not look like this is the start of a long, drawn-out bear market but, instead, possible capitulation at deep value areas. Remember that the worst news comes at the bottom and the best news at the top,” Bobby added.The upcoming US presidential election could also play a critical role in shaping the regulatory landscape affecting cryptocurrencies like XRP. Bobby speculates about the possible outcomes: “Should Donald Trump be re-elected as president, I cannot see any situation where Gary Gensler remains chair of the SEC.” He argues that a change in the SEC’s leadership could relax the regulatory scrutiny over Ripple and, by extension, XRP, fostering a more favorable market environment.
In his closing remarks, Bobby reiterates his strong conviction in the bullish thesis for XRP. “No one ever said this would be easy, and investing never is,” he reflects, encouraging his audience to adopt a strategic, long-term view of their investment in XRP. At press time, XRP price stood at $0.52.