XRP News Today: XRP Rebounds 10% After Trump-Brokered Ceasefire

XRP, the cryptocurrency, has shown signs of recovery after a brief dip below $1.90 over the weekend. This rebound was triggered by geopolitical developments, specifically a cease-fire brokered by President Trump between Iran and Israel, which shifted market sentiment positively. Despite this recovery, XRP has been struggling to break out of a prolonged consolidation phase, which has been frustrating for investors who anticipated a sustained rally following its late-2023 surge near all-time highs.

One prominent crypto trader, Egrag Crypto, has predicted a significant breakout for XRP within the next 90 days. According to Egrag Crypto, historical patterns suggest that breakouts from triangle formations typically occur around 75% to 95% of the total pattern duration. Based on a 334-day pattern, Egrag Crypto estimates that the rally could begin between July and September. This prediction is supported by a bull flag pattern that Egrag Crypto has been tracking, which indicates a strong bullish movement.

Technical analysis of XRP's price charts reveals that it has broken above a descending price channel and has retested the upper bound of this pattern from above twice. These retests confirm the bullish bias of the setup and suggest a significant rally that could push XRP to at least $2.6 in the near term. The 9-period and 21-period exponential moving averages (EMAs) have already made a bullish crossover on the 4-hour chart, and they are headed for a 'golden cross' with the 200-period EMA. The $2.3 level is identified as the key resistance to watch in the short term, and a move above this area would confirm a bullish XRP price prediction targeting $2.6.

While a move toward $589 seems unlikely at present, Egrag Crypto's prediction favors a strong bullish movement to uncharted territory. This optimistic outlook is based on the historical patterns and the current technical indicators, which suggest that XRP is poised for a significant breakout. However, it is important to note that cryptocurrency markets are highly volatile, and such predictions should be taken with caution. Investors are advised to conduct their own research and consider multiple factors before making any investment decisions.