XRP price experienced a strong performance in July as investors celebrated the signing of the GENIUS Act, the approval of the ProShares ETF, and the broader crypto market’s bull run, with Bitcoin surging to a record high.
Summary
- XRP price has formed a giant cup-and-handle pattern on the daily chart.
- Top XRP ETFs like XXRP and UXRP continue to see robust inflows.
- The Ripple USD stablecoin is gaining steam as its assets near $600m.
Ripple (XRP) token jumped to a high of $3.6552 in July, up 125% from its lowest point this year. This article explores some of the top catalysts that may drive XRP price higher in August.
XRP price has formed a cup-and-handle pattern
The daily timeframe shows that XRP price has formed the highly bullish cup-and-handle pattern. This pattern’s upper side was at $3.3955, while the lower side was the April low of $1.6173, giving it a depth of 52%.
The ongoing pullback is part of the handle section of this pattern, suggesting a potential rebound in August. XRP price remains above the 50-day and 200-day Exponential Moving Averages, supporting the bullish thesis.
Therefore, the token will likely rebound in August. Measuring the cup’s depth of 52% from its upper side brings the target price to $5.1783. This target is about 65% above the current level.
XRP ETF growth
The other potential catalyst for XRP price in August will be the ongoing demand for the two exchange-traded funds. Data shows that the Teucrium XRP ETF has added close to $397 million in assets in the past few months. It has had inflows in every month since its launch in April.
The recently launched ProShares Ultra XRP ETF, ticker UXRP, has almost $100 million in assets. These inflows show a strong appetite for XRP ETFs among American investors. It is also a sign that the mainstream spot ETFs will gain substantial assets when approved later this year.
Ripple USD stablecoin growth
XRP price may benefit from the ongoing growth of Ripple USD stablecoin after President Donald Trump signed the GENIUS Act into law. XRP benefits from this law because RLUSD is one of the fastest-growing players in the stablecoin industry.
RLUSD started July with $455 million in assets and is ending with $577 million, while its daily transactions averaged over $70 million. Continued growth in its assets will be a bullish catalyst for XRP price as it supports the XRP Ledger.
Other potential catalysts for XRP price
Other potential catalysts may boost XRP value in August. For example, more companies could join Trident Digital, Webus International, and VivoPower and announce XRP treasuries.
Ripple could also receive its national banking license from the Office of the Comptroller of the Currency and continue to secure new corporate partnerships.
