Close Menu
    Facebook X (Twitter) Instagram
    Tuesday, July 8
    X (Twitter) Instagram LinkedIn YouTube
    Chain Tech Daily
    Banner
    • Altcoins
    • Bitcoin
    • Crypto
    • Coinbase
    • Litecoin
    • Ethereum
    • Blockchain
    • Lithosphere News Releases
    Chain Tech Daily
    You are at:Home » Will XRP price benefit from a short squeeze in July?
    Crypto

    Will XRP price benefit from a short squeeze in July?

    James WilsonBy James WilsonJuly 8, 2025No Comments2 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    Share
    Facebook Twitter LinkedIn Pinterest Email


    The XRP price has formed two distinct chart patterns, signaling a potential short squeeze in July.

    Ripple (XRP) token was trading at $2.30 on Tuesday, June 8, up by over 20% above its lowest level in June. 

    XRP has several fundamentals that may drive its price higher in July. First, its ecosystem is performing well, with tokens like Coreum and Sologenic posting double-digit gains this week. Additionally, the total value locked on the XRP Ledger has risen to $62 million, while the newly launched XRP Ledger EVM has reached $52,000.

    Second, there are signs that Bitcoin (BTC) may finally break above its all-time high this month.

    Polymarket odds of a strong Bitcoin breakout have continued to rise, as the token has formed both a cup-and-handle and a bullish flag pattern. A breakout in BTC would likely spark gains across the crypto market, including XRP.

    Third, Ripple USD is on track to hit the $500 million market cap milestone this month. It has already surpassed the $485 million mark, and the passage and signing of the GENIUS Act could further accelerate its growth, as Tether (USDT) is not compliant. As such, USDT holders in the US will likely be transitioned to other compliant tokens, such as USDC, PYUSD, and RLUSD. 

    The probability that the SEC will approve multiple XRP ETFs later this year remains high at 85%. These funds could become highly successful, as demonstrated by the recent launches of Bitcoin and Ethereum ETFs.

    Additionally, the XRP price may rebound ahead of Brad Garlinghouse’s scheduled testimony before Congress on July 9.

    XRP price technical analysis

    XRP price
    XRP price chart | Source: crypto.news

    Technical indicators suggest that an XRP short squeeze could be imminent for two reasons. The token has formed an inverse head-and-shoulders pattern, a widely followed bullish reversal signal.

    XRP has also developed a symmetrical triangle, with its trendlines converging near a breakout point. This triangle is part of an eight-month bullish pennant pattern that began following its short squeeze in November of last year.

    A breakout from this structure could lift XRP toward last year’s high of $3.39, an increase of 48% from current levels. A drop below the support at $1.9130 would invalidate the bullish setup.



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Previous ArticleKULR secures $20m credit facility from Coinbase to buy more Bitcoin
    Next Article Mt. Gox wallet with 80,000 BTC attacked via OP_RETURN message
    James Wilson

    Related Posts

    Morpho crypto holds key level as TVL on Base nears $2b

    July 8, 2025

    4 memecoins leading today’s market surge

    July 8, 2025

    Uniswap price at risk as a rare pattern forms amid whale buying

    July 8, 2025
    Leave A Reply Cancel Reply

    Don't Miss

    Morpho crypto holds key level as TVL on Base nears $2b

    4 memecoins leading today’s market surge

    Revolving Games CEO accused of breaking $100K investor refund promise

    Uniswap price at risk as a rare pattern forms amid whale buying

    About
    About

    ChainTechDaily.com is your daily destination for the latest news and developments in the cryptocurrency space. Stay updated with expert insights and analysis tailored for crypto enthusiasts and investors alike.

    X (Twitter) Instagram YouTube LinkedIn
    Popular Posts

    Morpho crypto holds key level as TVL on Base nears $2b

    July 8, 2025

    4 memecoins leading today’s market surge

    July 8, 2025

    Revolving Games CEO accused of breaking $100K investor refund promise

    July 8, 2025
    Lithosphere News Releases

    Imagen Network (IMAGE) Taps Grok AI to Power Scalable Personalization in Decentralized Social Systems

    July 8, 2025

    AGII Introduces Modular Risk Assessment Engines for Smarter Chain Logic

    July 7, 2025

    Imagen Network (IMAGE) to Raise $420 Million for Growth Using Circle’s USDC and Ripple’s RLUSD Stablecoins

    July 7, 2025
    Copyright © 2025

    Type above and press Enter to search. Press Esc to cancel.