- Ripple price approaches crucial juncture after recent highs and rebound from $0.67.
- XRP becomes a hot topic with increased wallet numbers and significant investment inflows.
- Possible scenarios: Ripple may retest $0.85 or enter range-bound phase ($0.66 – $0.86).
The XRP price appears to be reaching a potentially critical juncture, based on its daily chart. After reaching highs of $0.854 on July 19, profit-taking ensued, causing the price to decline to around $0.67, where it experienced a rebound on July 25. Notably, on July 14, the XRP price began an upward movement from this region.
As of the current time, Ripple has seen a 1.87% increase in the last 24 hours, trading at $0.6987 according to CoinMarketCap data. While the future direction of XRP remains uncertain, there are positive factors supporting a potential upward movement. On-chain analytics firm Santiment highlighted that the number of XRP whale wallets holding over 100 million coins has increased to 199, the highest level since May 13, coinciding with XRP’s price surpassing $0.70.
XRP has been a hot discussion after recent win
Additionally, Ripple has been a popular topic of discussion this month, showing a moderate price correlation with social dominance changes. Furthermore, XRP investment products have recently seen a combined inflow of $9.2 million, while BTC investment products experienced $13 million in outflows.
One plausible scenario is for XRP to sustain its recovery and retest the $0.85 level. If XRP manages to decisively close above $0.85, it could potentially retest the $1 barrier level, indicating a gain of approximately 30% from current levels.
Another possibility is that Ripple enters a range-bound trading phase in the near term, with the range boundaries potentially being $0.66 on the downside and $0.86 on the upside. An indication of strength in this scenario would be a break and close above the overhead barrier at $0.85. Conversely, if the $0.66 support level is breached, there may be further selling pressure, and XRP could approach the MA 50 support at $0.56.
