XRP Bottoms Out, Sets Stage for 100% Rally If CLARITY Act Passes

XRP recently dipped below $1 due to retail stop-loss orders clustering around this widely watched psychological level, but quickly bounced back above it.

This 'bottoming tail' could be a short-term signal of stabilization for XRP, according to analyst Gareth Soloway, who sees strong support building in the 96-97 cent range.

Despite a messy chart, Soloway remains bullish on XRP, pointing to a longer-term wedge pattern that recently broke out and a burst of buying interest on the dip.

The bigger question hanging over XRP is what happens if the CLARITY Act passes in September or October; Soloway estimates a 50-100% rally could occur if it does, with his first upside target at $1.50-$1.55.