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- Ripple’s price nears a significant crossroads following recent peaks and a rebound from $0.67.
- XRP has become a focal point with rising wallet counts and notable investment inflows.
- Potential scenarios: Ripple might retest $0.85 or enter a range-bound phase ($0.66 – $0.86).
The XRP price seems to be approaching a potentially pivotal point, as indicated by its daily chart. After hitting a peak of $0.854 on July 19, profit-taking led to a drop to approximately $0.67, where a rebound occurred on July 25. Importantly, on July 14, XRP began its upward trajectory from this level.
Currently, Ripple has recorded a 1.87% rise in the past 24 hours, trading at $0.6987 according to CoinMarketCap data. While the future trajectory of XRP remains ambiguous, there are favorable indicators that could support a potential upward trend. On-chain analytics firm Santiment noted that the number of XRP whale wallets holding over 100 million coins has risen to 199, the highest since May 13, coinciding with XRP’s price exceeding $0.70.
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XRP has been a hot discussion after recent win
Moreover, Ripple has been a trending topic this month, displaying a moderate price correlation with shifts in social dominance. Additionally, XRP investment products have recently attracted a total inflow of $9.2 million, while BTC investment products saw outflows of $13 million.
One feasible scenario is for XRP to maintain its recovery and retest the $0.85 mark. Should XRP successfully close above $0.85, it may potentially revisit the $1 threshold, representing an approximate 30% increase from current levels.
Alternatively, Ripple might enter a range-bound trading phase in the short term, with potential boundaries set at $0.66 on the lower end and $0.86 on the upper end. A sign of strength in this scenario would be a breakout and close above the resistance level at $0.85. Conversely, if the support level at $0.66 is broken, further selling pressure could ensue, and XRP might approach the MA 50 support at $0.56.
