The Ripple price has been under pressure in the past few days. The XRP price is trading at $0.7150, which is about 8% below the highest level this month. The coin has a market capitalization of more than $33 billion and is the sixth-largest coin in the world.
Ripple July review
Ripple had a relatively good month in July. It initially declined by more than 21% in the first three weeks of the month. The price reached a low of $0.5157 on July 21st. It then bounced back by more than 50% and reached a high of $0.7763.
Ripple and other cryptocurrency prices have had a difficult past few months. The price has declined by more than 65% from the highest point this year. This happened as investors worried about higher interest rates in the United States. There was also profit-taking in the market after the coin rose by more than 930% from the lowest level this year.
Meanwhile, Ripple’s SEC case was relatively muted in July as the agency continued its fact-finding. In a statement on Tuesday, Brad Garlinghouse requested documents from Binance. His court filings said that he was requested documents and information concerning his case. The attorneys are challenging claims that he sold 357 million XRP tokens.
The Ripple price is also struggling as investors worry about taxes in the US. Media reports said that infrastructure negotiators said that they are proposing a 30% tax on all crypto transactions.
Ripple price August prediction
The four-hour chart shows that the XRP price formed a double-bottom at $0.5190 in July. The price has formed an inverted head and shoulders pattern. It has also formed a bullish flag pattern that is shown in green. It has also moved below the lower side of this flag pattern.
The coin is between the 50-day and 25-day moving averages. Therefore, there is a possibility that the coin will bounce back this month. If this happens, the next key resistance level at $1, which is about 40% above the current level. The alternative scenario is where the price retests last month’s low of $0.5190.
