The crypto markets are heading towards the end of the monthly trade, which attracts huge attention from the bulls. Meanwhile, the current trade setup suggests the bulls have remained off-the-shore which may compel the tokens to close the monthly trade on a bearish note. The XRP price has been maintaining a consolidated rise throughout the month, while the bearish clouds hovering over the token may eventually compel the price to test the support soon.
The outcome of the Ripple vs. SEC lawsuit was expected to have a massive impact on the XRP price. It did have a notable impact on the price but it remained for a short time frame as the token lost more than 99% of its gains. The bears have held the token below $0.6 for over a month and the rejection from the levels may trigger another 10% pullback to test the lower support shortly.
The weekly trade set-up of XRP suggests the bulls are trying hard to rise above the average bands of the channel. Meanwhile, the bearish divergence in the RSI indicates the price may close the monthly trade on a bearish note close to $0.55. If the bulls fail to demonstrate their strength, which is more likely, the crypto winters are expected to intensify at the beginning of September.
The XRP price is consolidating within a rising parallel channel in the long time frame. After displaying a fakeout on either side of the channel, the bulls appear to be preparing to reclaim the lost levels above $0.65. However, the bearish influence seems to have engulfed the price rally, which may drag the levels below $0.5 if the bulls fail to defend the support at $0.52. Hence, the XRP price is expected to remain under bearish influence and remain consolidated until the end of Q3 2024.
