Key Takeaways
- XRP’s consolidation continues, extending the current price action to over five months of sideways movement.
- Investors and traders remain optimistic despite XRP’s price struggle to match bullish fundamentals.
- XRP’s strong breakout above $3 in July could see the price target $5 to $10 by the end of the year.
XRP’s price has struggled over the last six months to exhibit strong bullish price action to the upside, despite the XRP ecosystem experiencing significant fundamental news in recent months, which suggests institutional interest in XRP and its stablecoin (RLUSD). However, the price has failed to rally to the upside.
Not only has the price of XRP failed to show a strong bullish rally, but it has also remained in a consolidation phase for over two months now. The price faces strong resistance around $2.7, preventing it from trading to the upside, despite multiple attempts being rejected.
Related Read – XRP Price Prediction For June – Is $5 Still Possible?
Despite Bitcoin’s recent rally to the upside of $110,000 for the first time in weeks, the price of XRP has shown less volatility to the upside. However, July has historically been a strong month for the cryptocurrency market, leading to bullish market sentiment for Bitcoin and other altcoins, including XRP, as crypto experts remain optimistic regarding prices.
XRP Price Consolidation
XRP’s price has shown strong resilience trading above its high of $1 for months since its price breakout from a low of $0.56 as price rallied towards $3.45 hitting a historical price point in years following Ripple and U.S. SEC (Securities and Exchange Commission) for over 5 years as this affected XRP’s performance.
Despite such a price rally, the price of XRP has struggled to replicate the price action of late 2024, as the price of XRP crashed to a lower price point of around $1.6 before rebounding swiftly to trade around $2 to $2.45.
Although XRP’s ecosystem has remained bullish and garnered significant attention following the adoption by institutional organizations and traditional finance companies, which are looking to leverage Ripple’s stablecoin (RLUSD) to provide cross-border payments for users on the blockchain with fast and affordable services.
Such fundamental news has had little to no impact on the overall market price action of XRP for weeks now, as the price has remained in its consolidation phase. Will the price live up to the occasion this July, as crypto experts speculate a potential price breakout for XRP towards $3?
XRP Price Prediction for July
Source – XRP 1D Price Chart TradingView
Ripple’s ecosystem has seen strong institutional interest from stablecoin adoption, push for XRP spot ETF (Exchange-traded fund), and hundreds of financial institution looking to find blockchain solution through the Ripple ledger (XRPL) as these all together are tipped to influence the price of XRP when its SEC lawsuit is finally put to rest.
While we wait for a strong price impact of XRP to the upside, the XRP price has traded within a range for months, with speculation hinting at a major breakout above the key resistance level of $3, which could spark a rally in the price towards $5.
Overall market sentiment for XRP is neutral despite bullish fundamental factors and a lack of price rallying to the upside. A strong rally to the upside could spark a fresh price gain for XRP.
