Key Insights
- The XRP price dipped 19% from its recent high. However, it is still trading within a bullish technical setup.
- Experts predict targets for the cryptocurrency between $4 and $10 in the coming weeks.
- Regulatory updates and whale activity firmly back long-term investor confidence.
XRP price has seen wild swings in July. After peaking at $3.66, it pulled back by nearly 19%. It is now trading around $3.12. Despite this correction, technical analysts are still optimistic.
Many believe XRP is building strength for another rally, with targets ranging from $4 to as high as $10. If you’re watching XRP, now might be the time to pay attention.
XRP Price Rebounds After a Pullback
XRP price surged from $2.17 to $3.66 between July 1 and July 18. This marked a substantial gain of 68.7%. However, that rally cooled off quickly with a 19% correction that dragged the token down to the $3.11 range.
This drop came with a sharp $2.4 billion reduction in futures open interest. It’s an essential indicator of how much is locked within leveraged bets. Despite the decline, open interest is still 48% higher than a month ago, which shows that traders are still engaged.
XRP Price Shows Strength Despite Market Volatility
The overall mood among traders has been steady lately. Monthly futures are trading at a 6% to 8% premium. It’s a sign of neutral sentiment.
These levels indicate that the market doesn’t expect a sharp drop (or a spike), at least in the short term. Meanwhile, some analysts are seeing patterns similar to Bitcoin’s historic breakout.
BTC recently surged past its previous bull-run highs to hit $123,000. XRP, on the other hand, is sitting just below its 2021 resistance. If it follows the same pattern, a similar breakout could happen.
Technical Analysis Remains Bullish on XRP Price
XRP price recently closed above $3.24, a primary Fibonacci resistance level. That feat is crucial because it indicates that the downtrend may have ended. Analysts expect XRP to push toward the $4–$5 range soon, possibly before mid-August.
While this is ambitious, metrics like XRP’s MVRV show that the market isn’t overheated. Analysts predict the XRP price could surge by September to $7–$10. Some projections go further, estimating a rise to $15 before year-end.
However, another aspect of XRP’s performance to be aware of is the limited activity on the XRP Ledger. Data from RWA.xyz shows only $134 million in tokenized assets on the network.
This means that despite XRP’s technical strength, it currently ranks far below chains like Avalanche. It has $190 million. XRP’s low adoption rate could hold back significant price movements. A rebound in on-chain activity is crucial for its growth potential.
Regulatory Clarity Could Boost Long-Term Value
While the technical side shows mixed signals, developments on the regulatory front may lift the XRP price. For example, Ripple CEO Brad Garlinghouse recently testified before the U.S. Senate and pushed for clearer crypto regulations.
In addition, XRP was mentioned in recent federal documents relating to the GENIUS Act and the US’s strategic reserve plan. PayPal’s recent expansion into crypto payments, including support for XRP, also shows great institutional interest.
These developments indicate that investor and government sentiment toward the XRP price may change positively. Overall, from a technical standpoint, XRP is facing strong resistance around $3.66, which was its previous high.
This level has become a psychological barrier. Also, a clean break above it could spark a fresh rally toward the $5.90–$6.00 range.
On the downside, support lies at $2.51. If XRP drops below this level, the next significant support is at $1.91. Short-term traders closely watch the $3.19 and $3.05 levels, where XRP consolidates.