The XRP price is up 2.5% in the last 24 hours as of 08:07 a.m. E.S.T., with its trading volume also surging 3.5% to $5.73 billion.
This price surge comes as the former C.E.O. and co-founder of Binance, Changpeng Zhao (CZ), hyping Trump’s latest executive order.
Trump reportedly prepares to sign an executive order that penalises banks accused of denying services to conservatives and cryptocurrency firms due to political or ideological reasons.
The directive instructs regulators to investigate possible violations of anti-discrimination laws, including the Equal Credit Opportunity Act, and to scrutinise breaches of antitrust or consumer protection statutes.
CZ sees this as very bullish for crypto, with assets like XRP set to benefit. So, what should you expect to see with the XRP price?
Can XRP Price Rally To $4 This August?
The XRP/USD chart (PancakeSwap, via GeckoTerminal) shows the Ripple Token price is trading $3.07 after a wild ride to $3.93 in July.
XRP price has been flexing some serious moves, bouncing off the 0.5 Fibonacci level ($2.77) and now testing the 0.618 zone ($3.05).
Data from Geckoterminal.com reveals that the 50-day simple moving average (SMA) has recently crossed above the 200-day SMA, forming a golden cross, which is a bullish indicator in the market.
Additionally, the moving average convergence divergence (MACD) is narrowing its bearish gap, hinting at a potential flip to the upside if that blue line crosses orange. This shows signs of a bullish reversal.
Moreover, the relative strength index (RSI) is sitting at 54, a neutral territory giving XRP room to pump before we hit overbought levels at around 70.
With technical indicators staying positive and Trump’s order gaining momentum, XRP could break out and close above $3.43 daily, potentially driving a retest of the recent high at $3.93 and even pushing toward $4.20.
However, bulls must overcome resistance at $3.43 and $3.93 before breaking the $4 psychological barrier this August for a parabolic rally.
Conversely, a drop below $3.05 could send the Ripple token price back to $2.77 or even $2.50.
