XRP Price Forecast as Whales Open $25M Longs Ahead of July 30 Crypto Policy Report- Bulls Eye $5.9 Next

XRP price trades at $3.15 today, July 30, with a 0.22% decline. This small drop is a continuation of the coin’s choppy movements. Still, whales are not jumping ship, and they have opened more than $25 million worth of longs ahead of a White House crypto policy report on July 30.

XRP Price Forecast as Bullish Pennant Emerges

July has been one of the best months for XRP holders. It was just last week that the Ripple price broke out of seven months of consolidation. However, in the same way as previous rallies, the uptrend has not been without hiccups.

After reaching $3.66 on Friday last week, Ripple showed signs of being overheated. When this happens, the price tends to drop to gather momentum for the next leg up. That led to a bullish pennant.

Now, the XRP price is creating higher lows, a sign that bulls want to assert their dominance again. In this case, the price might move above $3.66 again. This point is now resistance, because traders usually hesitate when a new high is formed.

The 63% height of the pennant’s pole from the starting point of $2.27 up to last week’s high of $3.66 shows a 63% surge. That means that if the Ripple price were to cross $3.66, it might gain by 63% and reach $5.96.

However, the MACD line calls for caution. This is because after it dropped below the signal line last week, it continues to head south. That could mean that some weak hands are dumping XRP. Still, it remains positive, a sign that those selling are fewer than buyers.

Recently, CoinGape reported that a bullish flag had also confirmed an XRP price rally to $6 was still possible. When these bullish forecasts align, it is a sign that what lies ahead for the price is not a drop, but a rally.

Whales Open $25M Longs Ahead of Crypto Policy Report

Whales tend to frontrun rallies, and they might be doing this now based on the number of long positions being opened on Hyperliquid. Today’s data from Coinglass shows that out of the eight positions opened on XRP, seven are longs.

The total value of these positions is $25 million. This shows a lot of optimism that the XRP price is going to continue gaining. With this in mind, it is highly likely that $3.66 was not the end of the XRP rally.

What could be fuelling this is the crypto policy report that the White House is going to release on July 30. CoinGape reported that Bo Hines will lead the Presidential Working Group on Digital Assets to lay out the way forward for the US crypto community.

Bearing in mind that XRP is a US-made coin, this policy will likely end up in favor of bullish traders. However, a price rally will depend on whether its contents will match the market’s expectations.