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XRP Price Nears Crucial Turning Point, Here Are Possible Scenarios

Wed, 07/26/2023 - 14:25
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Tomiwabold Olajide
Indications seem to be pointing upward, buoyed by positive fundamentals
XRP Price Nears Crucial Turning Point, Here Are Possible Scenarios
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The XRP price might be approaching an inflection point, as its daily chart suggests.

The XRP price has seen profit-taking since attaining highs of $0.854 on July 19. This saw the XRP price decline to a demand region, especially around $0.67, where it saw a rebound on July 25. Notably, the XRP price initiated a rise from near this region on July 14.

XRP/USD Daily Chart, Courtesy: TradingView

At the time of writing, XRP was up 1.87% in the last 24 hours to $0.6987, per CoinMarketCap data. While where XRP heads next remains an open question, indications seem to be pointing upward, buoyed by positive fundamentals.

Santiment, an on-chain analytics firm, pointed out at the start of the week that XRP had the most 100 million XRP whale wallets in over 11 weeks as its price surpassed $0.70.

According to Santiment, the number of XRP whale wallets holding over 100 million coins, or at least $74 million, has grown to 199, marking the highest number since May 13. Notably, XRP has been a top trending subject this month, with a moderate price correlation with changes in social dominance.

On the positive side as well, CoinShares' head of research James Butterfill reported on July 24 that XRP investment products witnessed a combined inflow of $9.2 million over the past week. This is significant as BTC investment products witnessed $13 million in outflows, reversing five weeks of inflows.

Here are possible scenarios

A plausible scenario would be for XRP to maintain its recovery and retest the $0.85 level. With a decisive close over $0.85, XRP might retest the $1 barrier level and gain roughly 30% from current levels.

Massive 563,571 XRP Token Shift by Whale Sparks Speculation: Details

Another possibility is range trading, with XRP forming a range in the near term. The range's boundaries may be $0.66 on the downside and $0.86 on the upside. The first indicator of strength in this situation will be a break and close over the overhead barrier of $0.85.

XRP, on the other hand, may fall further if the $0.66 support level is breached. This might lead to more selling, and XRP could approach the MA 50 support at $0.56.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.