The daily chart of the XRP price implies that an inflection point may be near.
Profit-taking has been observed in the XRP price after it reached highs of $0.854 on July 19. Due to this, the price of XRP fell to a demand area, particularly around $0.67, where it experienced a recovery on July 25. Notably, on July 14, the price of XRP began to climb from close by.
According to statistics from CoinMarketCap at the time of writing, XRP has increased 1.87% in the previous day to $0.6987. Although it’s unclear where XRP will go next, signs seem to be pointing higher, supported by strong fundamentals.
As its price topped $0.70, Santiment, an on-chain analytics company, noted at the beginning of the week that XRP had the most 100 million XRP whale wallets in over 11 weeks.
Santiment reports that the number of XRP whale wallets containing at least $74 million or over 100 million coins has increased to 199, which is the largest figure since May 13. A noteworthy popular topic this month has been XRP, which has a mild price association with shifts in social power.
James Butterfill, the head of research at CoinShares, revealed on July 24 that XRP investment products had a total influx of $9.2 million during the previous week. This is notable since it reversed five weeks of inflows into BTC investment products and saw withdrawals of $13 million.
Here are possible scenarios
It’s conceivable that XRP may continue to improve and retest the $0.85 level. If $0.85 is decisively closed over, XRP may try the $1 barrier level again and increase by almost 30% from present levels.
Range trading is another option, with XRP developing a range in the near future. The range’s edges may be $0.86 on top and $0.66 on the bottom. The break and closure over the overhead barrier of $0.85 will serve as the first sign of strength in this scenario.
On the other side, if the $0.66 support level is broken, XRP might decline much further. More selling may result from this, and XRP may move closer to the $0.56 MA 50 support level.
