XRP Selloff Now Delayed As Six Factors Point To XRP Explosion, Expert Says

Market expert Alex Cobb highlights six factors that indicate an imminent XRP price explosion and says selling XRP now is a “delayed” move.

Cobb made this claim while recently discussing the potential of XRP on X. This statement comes at a time when XRP is facing a roadblock to its latest rally. Notably, XRP saw an intraday collapse of 8.92% on July 18 after retesting 0.63XRP has since recovered some of its losses but is facing downward pressure to $0.60.

XRP Resistance Trend and XRPBTC Ratio

Given the current price position, Cobb insists that all factors point to an exponential rise in ATHs for XRP. The first factor he highlights is XRP’s recent breakout of a monthly trendline resistance. For context, this trendline is one of two converging trendlines that formed XRP’s six-year symmetrical triangle.

Notably, XRP recently broke above the upper resistance trendline, currently sitting above it as it trades at $0.6064. Several analysts have high price targets projected for when XRP breaks out and closes above the triangle. XRP should defend $0.60 until the end of the month to close above the trendline.

XRP Resistance Trendline

According to Cobb, the second factor indicating an impending bullish trend is the rebound in the XRPBTC ratio. This ratio, which tracks the performance of XRP against Bitcoin, has continued to collapse since November 2023. Dropped 68% from 0.00002082 on November 6, 2023 to a low of 0.00000665 on June 7, 2024, as Bitcoin outperformed XRP.

However, after hitting this price floor, the ratio recovered, with XRP securing a rebound. XRP has since outperformed Bitcoin by 36% since June, while the XRPBTC ratio climbs to 0.00000904. This confirms that XRP is gaining momentum against BTC, a precursor to an upward push.

XRPBTC rebound

XRP Market Domination and Monthly RSI

The third factor is the resumption of XRP market capitalization dominance. XRP’s market dominance has fallen for ten consecutive months, from a high of 4.02% in July 2023 to a low of 1.16% in May 2024. further down to 1.05% June 7, 2024. Interestingly, this market dominance has rebounded 38.23% since the June low, now standing at 1.45%.

XRP Market Domination

Cobb noted that the fourth factor suggesting an XRP price explosion is the breakout of the seven-year resistance trendline on the monthly RSI. XRP’s monthly RSI has been facing resistance since 2017, when XRP last experienced its explosion. Today, amid a 27.11% increase this month, the RSI has broken out of resistance for the first time ever, now at 52.47.

XRP Monthly RSI

ETF Outlook and Ripple Case

The fifth and sixth factors highlighted by Cobb focus on market and legal developments rather than price movements. These factors are the prospect of an XRP ETF launch, which 21Shares recently stated is part of its objective and the final resolution of the SEC case, predicted by Ripple CEO Brad Garlinghouse which should happen by the end of summer.

Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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