Reserve

Based

Jitters continue to characterize the crypto landscape in July as recoveries hit walls and key support areas fail to match up to the soaring selling pressure. According to the latest XRP price prediction, XRP shows signs of bottoming out and starting a recovery journey. 
<h2 class="p1" id="xrp-fundamental-and-macro-outlook">XRP Fundamental and Macro Outlook</h2> 
The leading cross-border money remittance token retested the primary support at $0.4 following a drastic fall from June’s peak of $0.55. Many factors contribute to the unexpected sell-off including the German government’s BTC selling spree and concerns over headwinds from Mt. Gox exchange starting the distribution of BTC and BCH to its creditors. 
Retail investors facing capitulation also joined the selling party, further accentuating the decline. 
However, <a href="https://coingape.com/price/xrp/">XRP price</a> seems poised for a major comeback, thanks to the US CPI data affirming easing inflation. Players in risky markets like stocks and crypto are more optimistic of the Federal Reserve fast-tracking the first interest rate cut. 
As a volatile digital asset, <a href="https://coingape.com/xrp-news-token-breaches-0-45-resistance-amid-whale-activity-what-next/">XRP</a> stands to gain from the improving sentiment. Lowering interest rates would mean an influx of money into Bitcoin and altcoins. 
XRP traded at $0.472 on Friday, recording a 5% increase in 24 hours. A 6% growth in the market mirrors the new bullish comeback while a 70% surge in the trading volume to $1.5 billion implies that interest in XRP is rising. 
<h2 class="p1" id="xrp-price-prediction-falling-wedge-pattern-hints-38-move">XRP Price Prediction: Falling Wedge Pattern Hints 38% Move</h2> 
The last time XRP tested support at $0.4 was more than a year ago in May. A strong rebound followed to $0.93 bolstered by Ripple’s partial win against the Securities and Exchange Commission (SEC) in the ongoing lawsuit. 
Retesting the same support area and bouncing back could imply another major trend reversal, sending XRP price to highs above $1. 
Based on the daily chart technical structure, a falling wedge pattern established since March could blast XRP 38% to $0.7. The 20-day Exponential Moving Average (EMA) holds as the immediate support, further reinforcing the bullish thesis. 
<figure id="attachment_207221" aria-describedby="caption-attachment-207221" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-207221" src="https://coingape.com/wp-content/uploads/2024/07/XRPUSD_2024-07-12_14-59-29.png" alt="XRP price prediction chart | Tradingview" width="2694" height="1444" srcset="https://coingape.com/wp-content/uploads/2024/07/XRPUSD_2024-07-12_14-59-29.png 2694w, https://coingape.com/wp-content/uploads/2024/07/XRPUSD_2024-07-12_14-59-29-300x161.png 300w, https://coingape.com/wp-content/uploads/2024/07/XRPUSD_2024-07-12_14-59-29-1224x656.png 1224w, https://coingape.com/wp-content/uploads/2024/07/XRPUSD_2024-07-12_14-59-29-768x412.png 768w, https://coingape.com/wp-content/uploads/2024/07/XRPUSD_2024-07-12_14-59-29-1536x823.png 1536w, https://coingape.com/wp-content/uploads/2024/07/XRPUSD_2024-07-12_14-59-29-2048x1098.png 2048w, https://coingape.com/wp-content/uploads/2024/07/XRPUSD_2024-07-12_14-59-29-150x80.png 150w" sizes="(max-width: 2694px) 100vw, 2694px">
 <figcaption id="caption-attachment-207221" class="wp-caption-text">
 XRP price prediction chart | Tradingview
 </figcaption>
</figure> 
The Relative Strength Index (RSI) position above 50 after a recovery from the oversold region could boost interest in XRP longs and trigger a shift in the futures market open interest, which according to <a rel="nofollow" href="https://www.coinglass.com/BitcoinOpenInterest">Coinglass</a> is stuck in the red. 
Traders would be looking out for a daily close above the wedge pattern’s resistance to validate the breakout. A continued uptrend above the 50-day EMA at $0.48 will serve as a second confirmation for the rally eyeing $0.7 in the short term. 
With a bull market still expected in 2024 or early 2025 XRP may grow to reach $5. Several factors will determine if this milestone is achievable in this bull cycle including the Ripple vs SEC lawsuit, FOMO, and the possibility of a spot <a href="https://coingape.com/xrp-etf-cme-group-adds-xrp-reference-rate-etf-on-horizon/">XRP ETF.</a> 
The post <a href="https://coingape.com/markets/xrp-price-prediction-will-xrp-hit-5-this-bull-cycle-as-key-support-holds/">XRP Price Prediction: Will XRP Hit $5 This Bull Cycle As Key Support Holds?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

XRP Price Prediction: Will XRP Hit $5 This Bull Cycle As Key Support Holds?

Inhoudsopgave

Coingape News Media

Andere artikelen gepubliceerd op 12 jul 2024

German Government Continues Selling Seized Bitcoin

Algorand (ALGO) Looks Bearish: Could Bulls Defied The Selloff?

Ripple Faces SEC in Legal Battle

Crypto Fear & Greed Index Falls To Extreme Fear For The First Time In 1.5 Years

Whale Activities Increase in The Open Network (TON)

Bitcoin and Crypto Markets Poised for August Resurgence, JPMorgan Analysts Predict

Meld je aan voor onze gratis nieuwsbrief voor dagelijkse crypto-updates!