Ripple’s XRP Coin Shows Strong Bullish Sentiment
The XRP coin has shown impressive bullish momentum in the past week, with its price surging above the $0.60 mark. This uptrend resulted in a 15% increase in the last 24 hours and a notable 40% gain on the weekly chart. Rumors of a potential settlement between Ripple and the SEC have been the driving force behind this positive price action.
Additionally, on-chain analytics platform Santiment noted a growing number of whale XRP holders, those with over 100,000 tokens, which has further boosted market optimism. The platform highlighted a significant shift in supply accumulation that began in August of last year.
Market Excitement and Ethereum ETF Launch Impact XRP Price
The broader market excitement surrounding the upcoming launch of an Ethereum ETF has also contributed to the positive sentiment in the cryptocurrency space, pushing XRP’s price higher. As a result, XRP’s market capitalization has surged to $34.587 billion, securing its position as the sixth-largest cryptocurrency in the rankings.
XRP Price Analysis and Future Predictions
After rebounding from lows at $0.40, XRP is now approaching a significant resistance level at $0.66. Historically, breaking above this level has been challenging, often resulting in price retracements. If XRP fails to hold support at $0.51, we may see a further decline to $0.38 by the end of July.
However, a successful break above $0.66 could propel XRP towards the next target of $0.74 by the following week. If this resistance is overcome, the price may surge to $0.94 levels and even potentially reach highs of $1.21, as predicted by Cryptonewz.
Technical Analysis Supports Continued Uptrend
From a technical standpoint, the RSI indicator is on the rise and approaching overbought levels, currently at 59.39. This suggests that there is room for further upside in the short term before reaching overbought territory. Experts believe that if this momentum continues, XRP could break through the $0.66 barrier and potentially reach new peak levels in the coming weeks.
Also Read: Analyst Reports Shocking Spot Ethereum ETF Fees on 21Shares
