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XRP, the cryptocurrency with real utility in global cross-border payment, has been experiencing price stagnation for some time. The value of XRP has stayed below $2.50 in the last 30 days as the price continues to fluctuate in the digital asset market.
XRP locked in price range stalemate
According to CoinMarketCap data, the XRP price was $2.08, representing a 2.36% increase in the last 24 hours. However, the trading volume was down by 27.54% to $1.72 billion within the same time frame.
The complicated situation with XRP’s price might stem from the market participants' lack of interest in investing in the coin. XRP has always traded around $2.06 to $2.09, but it has been unable to reach higher levels.
Technical indicators signal that XRP has slipped from an ascending wedge. If XRP bulls cannot step in to drive price growth, the coin could break down below the $2 support and drop to $1.60.
However, optimists in the ecosystem anticipate XRP will manage a climb to $2.25. If this happens, XRP might break free from the current price stalemate.
The action of XRP bulls and general market sentiment remain crucial to the coin's next move. It is worth noting that XRP has remained resilient despite the uncertainty in the broader crypto space lately.
Eyes on July: Will history repeat for XRP?
Given developments in Asia, the altcoin might begin to experience a positive shift in outlook. As U.Today reported, XRP has gained institutional adoption traction in Asia as HashKey Capital has announced the first tracker fund for XRP in the region.
The product, designed for professional investors, could boost XRP’s regional institutional adoption.
Growth in adoption might positively affect price dynamics and push it to retest the $2.50 level in the short term. As per historical precedent, some anticipate a double-digit rally for XRP in July.
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Vladislav Sopov
Dan Burgin