XRP Party Kicks Off If Price Closes Within This Historic Level

• A technical analyst explains that the XRP price closing above $3.03 would confirm the continuation of its bullish trend.
• August is an important month for the asset as it marks the potential closure of the SEC and Ripple case, while anticipation builds up for the approval of XRP ETFs in the US.
• Rumors are circulating about Ripple’s role in the EU and the UK’s CBDC creation.

XRP price is currently hovering at a critical juncture. The cryptocurrency community braces itself for its close this month, as it would determine whether it’s still on a bullish track.

XRP Price Closing Above $3.03

According to the pseudonymous Egrag Crypto, a popular technical analyst on X, XRP must finish its monthly candle today with a close above $3.03. The event would mark the token’s first-ever candle close within that area since its launch in June 2012.

XRP notably reached an all-time high (ATH) of $3.84 in January 2018. However, its candle during that month finished in the red with its value dipping around $1.16. Hence, the analyst is on a vigil to see how the candle plays out this month.

ADVERTISEMENTAt the time of writing at 9:30 AM, anticipation within members of the so-called XRP army runs high as the monthly candle hints of Egrag’s prophecy coming into a realization with the asset trading at $3.15. For him, the token touching the “chasm,” representing its significant resistance level or psychological barrier, is necessary.

With that, XRP closing its monthly candle above $3.03 is crucial in the confirmation of its continuous uptrend. Interestingly, if the digital asset manages to surpass the bare minimum target considerably, the analyst believes, “That’s where the real fund starts!” The move would increase the chance of the token logging a new ATH aimed at $4 before the year ends.

On the other hand, the token’s failure to maintain its value there could signal a substantial pullback in the short to medium term. If it does, $2.99, $2.80, and $2.60 would be the critical support levels to watch out for.

ADVERTISEMENT## XRP From a Fundamental Standpoint

Egrag’s technical perspective definitely offers optimism on the price of XRP. Major developments within the XRP Ledger’s (XRPL) ecosystem further reinforce bullish sentiment on the crypto asset.

Despite businesses referring to it as the “ghost month,” August is an important period for XRP. First, Ripple expects to wrap up its case with the US Securities and Exchange Commission (SEC) this month at the Court of Appeals. This would allow the company to concentrate on its business expansion and decouple from the FUD (Fear, Uncertainty, Doubt) tied to the lawsuit—thereby, catalyzing a broader adoption of its XRPL-based solutions.

Meanwhile, the rumor mill is rife with speculations that Ripple is actively involved in the European Union’s (EU) upcoming Central Bank Digital Currency (CBDC). The buzz could not be far from the truth as the blockchain giant has already forged a partnership with the Digital Euro Association (DEA) going all the way back to 2022.

The DEA confirmed in its press release for the partnership that it has begun working with Ripple to integrate blockchain into the proposed digital euro CBDC. Additionally, the organization revealed that Ripple is also a member of the Digital Pound Foundation for a British pound-based CBDC.

Furthermore, there’s anticipation for the eventual approval of XRP-based exchange-traded funds (ETFs) in the US, which would expand institutional exposure to the token.

Disclaimer: No material in this article should be interpreted or relied upon as investment advice or promotion of any financial product.

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