Home Cryptocurrency August Set For Strong XRP Rally Says PrimeXBT Analyst Kim Chua

August Set For Strong XRP Rally Says PrimeXBT Analyst Kim Chua

by Serge Shlykov

The price of Ripple’s XRP token just set a new all-time high of $0.45 – a rise of more than $0.30 in the last 30 days. Kim Chua, Head of Research at PrimexBT, a company that tracks digital currencies, believes this rally is the start of a long-term rise in the price of XRP. According to Chua, XRP’s price has been rising in sync with bitcoin’s price and he expects a similar rally in the next couple of months.

XRP surged above $0.25 for the first time since January on Friday, with the cryptocurrency’s market cap surpassing $12 billion.

After a strong start to August, XRP has seen some recent weakness, with XRP down 3.3% in the past week. This is likely to be a temporary pullback, as the XRP price is still on track to reach $1.00 by the end of August, with the recent price lows near support levels; and as the XRP community prepares for the upcoming XRP meetup in San Francisco on the 7th of September.. Read more about xrp ripple news and let us know what you think.

XRP, once third among cryptocurrencies in terms of market capitalization, has fallen on hard times lately, largely due to the U.S. Securities and Exchange Commission. However, the situation on this front seems to be changing as the process of government agencies has come to a halt. This is certainly good news for the Ripple currency, which was even under threat of a major delisting. It has managed to bounce back sharply since the height of the SEC scandal, but a new rally could begin in August, predicts Kim Chua, an analyst at PrimeXBT. Although the XRP price is looking depressed at the moment, the events of August could trigger a strong price recovery. The legal battle between Ripple and the Securities and Exchange Commission (SEC) could end in August, when the court is expected to rule. Also, August coincides with the time that Jed MaCaleb may have sold his XRP shares. MaCaleb has been selling XRP as part of his compensation since 2014, which has often put pressure on the price of XRP. For example, when XRP jumped to about $1.60 last month, MaCaleb started selling XRP again and unloaded about 400 million XRP units, which drove prices down again, although negative market sentiment also played a role. Some observers estimate that MaCaleb still has about 600 million XRP units to sell, which could be completed by early August. August promises to be an exciting month for XRP. Investors can take advantage of any price drop to accumulate XRP and wait for August. The risk is that XRP loses the business, which could lead to a strong price reaction, but the downside may be limited as many investors are no longer holding XRP. About Kim Chua, PrimeXBT market analyst: Kim Chua is an institutional trading specialist with a proven track record at leading banks such as Deutsche Bank and China Merchants Bank. Chua then founded a hedge fund that for seven years consistently posted triple-digit profits. Chua is also an educator at heart and has developed her own trade training program to pass on her knowledge to a new generation of analysts. Kim Chua is actively monitoring both the traditional and cryptocurrency markets for future investment and trading opportunities as these two very different asset classes begin to converge.Since I first began trading Bitcoin back in 2013, I have always been a staunch supporter of the cryptocurrency, and this article is no exception. I believe that since Bitcoin has already made it to the 1,000 mark, anything crypto is bound to happen. Today we are already at $1,000 Bitcoin, and I think that more will follow.. Read more about how much is xrp right now and let us know what you think.

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