Key Takeaways
- XRP’s price breaks minor resistance, trading above $2.4 for the first time in weeks, as July looks promising.
- Fundamental news and events scheduled for July could lead to a strong bullish price rally for XRP in the coming weeks.
- Crypto expert Ali Martinez believes XRP’s price is headed toward major price resistance at $2.6.
July is beginning to look promising for the XRP price, following its price protection of the $2 low after a tough start to Q1 and Q2. However, things are beginning to look good based on the price action for XRP. The price of XRP starting in 2025 has suffered a significant decline, leading to frustration for traders and investors who have witnessed some incredible fundamental news. Still, the price has shown no strong bullish price action.
July could kickstart a new market sentiment for the XRP price, following the recent price rally from a region of $2 towards $2.4, breaking its minor resistance and approaching a major resistance of $2.6 to $2.7 that has prevented a bullish price rally for XRP over the past few weeks.
Related Read – Bank Of America Prefers XRP Ledger as XRP Nears Major Breakout
While other altcoins are currently struggling to trade higher due to Bitcoin’s range movement below potential new all-time highs, the price of XRP has continued to defy the odds over the last few weeks, gearing up for a major price breakout that could see the price trade towards $3 and subsequently above $5.
Why Is XRP Price Pumping Today?
July is extremely packed for a potential breakout for XRP, with price targeting $3 following events that could spark such a rally. Recently, XRP CEO Brad Garlinghouse discussed the new Ripple partnership with BNY Mellon just before his scheduled meeting to testify in the Banking Committee.
Additionally, in recent times, institutional companies and traditional financial institutions, such as Bank of America, are looking to leverage Ripple’s ledger (XRPL) technology and Ripple stablecoin (RLUSD) to provide a seamless service experience to their users.
These and other developments in the pipeline for July are strong fundamental reasons that could potentially see the price of XRP break out from its long consolidation of over 5 months.
Following such strong fundamental news, XRP’s price is showing bullish signs after a long time, as whale and investor activities are building up once more after its volume dried up, leading to the price entering a consolidation phase.
XRP Market Analysis and Sentiment
Crypto expert Ali Martinez has identified a potential price breakout for XRP above $2.35, marking minor resistance, as the price would attempt to trade into $2.6, acting as key resistance. The current price action for XRP has provided a major boost to the price, following its price crash toward the lows of $ 1.90.
Market sentiment is shifting towards the bulls gaining the upper hand in the last few days of July, as crypto traders and investors wait patiently to see how XRP’s price reacts around $2.6.
A decisive breakout with volume above $3 could lead to renewed bullish price action and potentially new all-time highs of $5. The next few weeks of July will be key for XRP price action and for traders making investment decisions.