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XRP Price Prediction: How High Could Ripple Token Go in July?
- Buying pressure on XRP increased last week.
- Market indicators looked bullish on the token.
The entire cryptocurrency market has witnessed severe volatility in the last week and Exchange rate risk It was one of them when its value dropped.
However, the last 24 hours have been in the interest of investors, as the token’s chart has finally turned green. Let’s take a closer look at the token’s status to predict XRP’s price action.
Current Status of XRP
By CoinMarketCap data revealed that the price of XRP has dropped by more than 9% in the last seven days. However, the bears have lost their grip on the market as the price of the token has marginally increased in the last 24 hours.
At the time of writing, XRP was trading at $0.4359 with a market cap of over $24.2 billion.
AMBCrypto’s analysis of Santiment data revealed that while the token’s price remained low, investors chose to accumulate more tokens. This was evident from the decline in its supply on exchanges.
Source: Santiment
Furthermore, whale activity around the token has remained high over the past week as well, with the number of whale transactions increasing. As the token’s price has gained some bullish momentum, its trading volume has also increased, serving as a basis for a future rally.
Apart from that, the token’s network growth has remained high, meaning more new addresses have been created to transfer the token.
However, XRP’s NVT ratio has rallied after a decline. Typically, a rise in the metric means an asset is overvalued, which suggests a price correction.
Source: Santiment
XRP Price Prediction
AMBCrypto then analyzed the daily chart of XRP to see if a price rally was possible. We found that the price of the token had touched the lower limit of the Bollinger Bands, which often translates into price increases.
The Relative Strength Index (RSI) has been on the rise. In addition, the Chaikin Money Flow (CMF) has also followed a similar upward trend, suggesting an imminent price increase.
Source: TradingView
We then planned to check the data from Hyblock Capital to predict the price of XRP in the short term. According to our analysis, if XRP turns bullish, the value of the token may soon recover $0.493.
A positive breakout above this level could allow the token to touch $0.526 in the coming days.
Source: Hyblock Capital
Realistic or not, here it is XRP Market Cap in BTC
Next, we looked at the weekly chart of XRP to find out the long-term price targets. First, we found a falling wedge pattern. A breakout above the pattern would allow the token to recover $0.66.
Continuing north, the next possible chart would be $0.94. A jump above that level would allow the token to reach $1.4 in the following months.
Source: TradingView