The market’s down today—Bitcoin is at $61K, and Ethereum, XRP, and Solana are slipping between 4% and 7%. The global market cap dropped 4.76% to $2.19 trillion, but trading volume is up 10.72%.
SEC-Ripple settlement updates have influenced XRP’s price throughout July. Due to this speculation, XRP rose from $0.599 to $0.655 within hours, indicating investor interest. XRP’s price dynamics remain under focus despite its correction.
Famous crypto trader Goomba expressed confidence in XRP to go above $1 within the next few months. Goomba noted in a recent X post that while it’s not guaranteed, XRP can reach $1, a level it last saw in December 2021. At the time of Goomba’s prediction, XRP was trading at $0.6065, but it has since dropped below $0.60 and is currently priced at $0.57, reflecting a 1.32% decline over the past 24 hours. Moreover, XRP to hit the $1 mark, it must rally 75.43% from its current price.
Experts have also projected that XRP could reach the $1 threshold. We recently identified a golden cross in XRP’s chart, suggesting a potential surge above $0.65 to $1.
Impact of Geo-Political factors on XRP
Notably, XRP surged from around $0.40 to above $0.60, driven by Judge Analisa Torres’ ruling that XRP is not a security and rumors of a potential SEC settlement. However, recent volatility due to the Israel-Hamas conflict and Ripple unlocking 500 million XRP from escrow caused XRP to dip below $0.55 before rebounding to $0.57.
On-Chain Data and Investor Sentiment
On-chain data reveals growing optimism around XRP’s future. Many investors are positioning for a potential bullish run, as evidenced by an increase in shark and whale wallets holding at least 10,000 XRP each. These wallets have increased significantly over the past five weeks, now numbering around 279,400 addresses, indicating increased accumulation and confidence in XRP’s potential rally.
Though the crypto market is down, XRP shows durability and promise for future gains.
XRP’s Price Analysis
According to Crypto analyst Ali Martinez, XRP has consolidated within a symmetrical triangle pattern for the past six years. This phase began after XRP hit its all-time high of $3.40 in early 2018 and dropped to $0.11 in 2020. Since then, XRP has seen a series of lower highs and higher lows, forming a symmetrical triangle pattern. This pattern suggests that XRP’s price has been consolidated, potentially setting the stage for a significant future move.
The countdown has begun. Will XRP make it this time?
