Ripple (XRP) Price Boosted by Upcoming August Token Unlock
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Ripple plans to unlock 1 billion XRP tokens on August 1, aiming to gradually release 55 billion XRP tokens. Interestingly, as the unlock date approaches, XRP's price increases.
The XRP unlock practice began in 2017 to reduce pressure on the token's vast supply. Recent data shows a decrease in profit-taking, which might stabilize XRP's price. If this trend continues, XRP could trade higher than $0.63.
Open Interest in XRP has surged, reaching its highest level since April. This rise in net positioning and speculative activity indicates aggressive buying, potentially leading to an upward price breakout.
A symmetrical triangle on the daily chart suggests a bullish trend for XRP, contrasting with Bitcoin's trend. With RSI at 66.94, XRP shows bullish momentum. If favorable, XRP's price might exceed $0.65 and aim for a yearly high.
Analyst Mikybull notes that XRP displays technical signs similar to the 2017 bull run. However, profit-taking could hinder the anticipated price surge, possibly dropping the price to $0.60.
Source: beincrypto.com ↗
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