bullish

The XRP price has seen significant volatility on Thursday, mirroring the broader <a href="https://www.newsbtc.com/xrp-news/xrp-shark-whale-population-sharply-growing/" target="_blank" rel="noopener ">market downturn</a>. After a strong performance in July, which saw XRP outperform even Bitcoin with a gain of over 35%, the token has now dropped nearly 10% in the last 24 hours. 
<h2 id="analysts-bullish-on-long-term-price-targets">Analysts Bullish On Long-Term Price Targets</h2> 
Market intelligence platform Santiment, has highlighted the performance of XRP’s blockchain ecosystem, the XRP Ledger (XRPL), despite this recent price drop. The platform <a href="https://x.com/santimentfeed/status/1819046969949450431" target="_blank" rel="noopener nofollow">attributes </a>this success to heightened on-chain activity, major whale transactions, and significant network growth that propelled XRP’s 35% monthly surge during July.&nbsp; 
This comes as Ripple, the payment network associated with XRP, <a href="https://ripple.com/ripple-press/openeden-introduces-tokenized-us-treasury-bills-onto-the-xrp-ledger/?utm_campaign=" target="_blank" rel="noopener nofollow">announced </a>on Thursday a substantial allocation of $10 million towards a tokenized version of US Treasury bills (T-bills) on the XRP Ledger, contributing to the bullish sentiment surrounding the token.&nbsp; 
In light of this latest announcement, analysts remain divided on the short-term and long-term outlook for the XRP price. However, there is enough bullishness for the token to resume the <a href="https://www.newsbtc.com/news/ripple/xrp-skyrocket-21000-to-over-150/" target="_blank" rel="noopener ">uptrend </a>it has been on for the past month.&nbsp; 
Some, such as crypto analyst “XRP Captain,” <a href="https://x.com/UniverseTwenty/status/1818978725310107699" target="_blank" rel="noopener nofollow">believe </a>the token could eventually reach as high as $482.48 based on the $27 trillion US Treasury bill market that Ripple is aiming to participate in. This would represent a significant 790x increase from current levels. 
Similarly, analyst Mikybull has <a href="https://x.com/MikybullCrypto/status/1818910232212381808" target="_blank" rel="noopener nofollow">outlined </a>both short and long-term price targets for the XRP price. In the immediate future, targets range from $2.5 to $3.5, while the long-term outlook suggests figures starting from $25 and potentially soaring higher, based on his analysis.&nbsp; 
Mikybull noted in his latest social media post on X (formerly Twitter) that the 2-month XRP/USD chart is “looking crazily primed to rip upward.”&nbsp; 
<h2 id="xrp-price-at-crossroads">XRP Price At Crossroads</h2> 
Despite these optimistic projections, the XRP price faces a critical juncture. Key support levels must withstand pressure to facilitate a resumption of the positive momentum witnessed in July.&nbsp; 
Currently priced at $0.5739, XRP’s first major support rests at $0.5650 on the daily chart. A breach of this level could lead to a <a href="https://www.newsbtc.com/xrp-news/xrp-ll-all-time-high-if-this-resistance-breaks/" target="_blank" rel="noopener ">sharper downturn</a> towards $0.5657 and potentially down to $0.5400, a crucial support level in the near term. 
Of particular importance is the $0.5400 level, which aligns with the 200-day exponential moving average (EMA). XRP traded below this for the past four months before successfully breaking through, leading to the 35% gains recorded in July.&nbsp; 
Ultimately, XRP’s ability to hold above these <a href="https://www.newsbtc.com/xrp-news/xrp-price-jumps-as-ripple-leadership-blasts-secs-hypocritical-crypto-regulation/" target="_blank" rel="noopener ">critical levels</a> will be key in determining the coin’s near-term trajectory, especially as the current downtrend continues at the time of writing. 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/xX5tHwfq/" alt="XRP price" width="1814" height="858"> 
Featured image from DALL-E, chart from TradingView.com

XRP Price Slides 10% Amid Rising On-Chain Activity And Whale Transactions; Key Supports In Focus

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