The XRP price has experienced a significant amount of volatility recently, following the broader market trend. Despite a strong showing in July, where XRP outperformed Bitcoin with a gain of over 35%, the token has now dropped nearly 10% in the last 24 hours.
Market intelligence platform Santiment has pointed out the strong performance of XRP’s blockchain ecosystem, the XRP Ledger (XRPL), attributing it to increased on-chain activity, major whale transactions, and significant network growth that led to XRP’s 35% surge in July.
Ripple, the payment network associated with XRP, announced a $10 million allocation towards a tokenized version of US Treasury bills (T-bills) on the XRP Ledger. This news has contributed to the positive sentiment surrounding the token.
Analysts have varying opinions on the short-term and long-term outlook for the XRP price. Some, like crypto analyst “XRP Captain,” believe the token could reach as high as $482.48, based on Ripple’s aim to participate in the $27 trillion US Treasury bill market. Analyst Mikybull has also outlined price targets ranging from $2.5 to $3.5 in the short term and potentially reaching $25 and beyond in the long term.
Despite these bullish projections, the XRP price is currently at a critical point. Key support levels need to hold to allow for a continuation of the positive momentum seen in July. The first major support for XRP is at $0.5650 on the daily chart, with further support at $0.5657 and $0.5400, which is crucial in the near term.
The $0.5400 level aligns with the 200-day exponential moving average (EMA), which XRP traded below for four months before breaking through and experiencing gains in July. Maintaining these critical support levels will be essential for determining XRP’s near-term direction as the current downtrend persists.
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