Ripple (XRP) appears poised for a potential breakout as it gained 1.5% in recent trading. Ripple CEO anticipates a massive $10 trillion influx into XRPL from the Custody Digital Asset Market.
Today, the global cryptocurrency markets saw modest gains, with Ripple’s XRP showing a 2.62% increase over the past 24 hours, rising from $0.4678 to $0.48 following a recent dip. Analysts speculate a potential bullish reversal may be underway.
At the time of writing, XRP is trading at $0.4796 with a market cap of $26.70 billion. Daily trading volume for XRP surged approximately 4.2% to $866 million.
Market analysts are bullish on XRP’s future, noting increased activity among large holders that could trigger a breakout. Despite recent losses, some holders with significant XRP holdings have been strategically distributing their assets.
Crypto community figures and analysts foresee XRP potentially reaching the $2 mark, believing it may have already bottomed out. This sentiment is bolstered by expectations of a trend reversal that could drive XRP’s price higher in the near term.
Ripple CEO Brad Garlinghouse shares this optimism, predicting substantial inflows into the XRP Ledger from the Custody Digital Asset Market, potentially reaching significant volumes.
XRP Price Analysis:
According to the daily chart, Ripple’s XRP is currently in a downtrend, stabilizing near $0.47. If this trend continues, XRP could test a crucial support level at $0.45, its lowest since June 7th.
Conversely, a price recovery could see XRP aiming to fill the fair value gap between $0.4751 and $0.4858, a pivotal area where buyers could regain control and push prices higher.
A strong bullish signal would be XRP closing above the upper boundary of this range at $0.4858, potentially reversing the bearish outlook and targeting the next resistance level at $0.5163.
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