Despite the sales, XRP’s price managed to hold relatively steady. As seen above XRP price had climbed as high at $0.63 on July 17, before retracing 7% toward the $0.59 level at the time of writing on July 20. This suggesting strong market demand or other balancing factors at play.
Externally, the overall cryptocurrency market sentiment has influenced XRP’s price. Positive developments in the broader crypto space, such as Bitcoin and the US SEC’s recent nod for Ethereum ETFs official listing , have also indirectly supported XRP’s price stability.
XRP Price Forecast: $0.60 Support At Risk
The XRP market has shown notable volatility over the past week, with significant price fluctuations observed. After peaking at $0.6048 on July 20, 2024, XRP is currently trading at $0.5917. The technical indicators suggest a cautious outlook as the price tests key support levels.
The Parabolic SAR (Stop and Reverse) indicator is currently positioned at $0.4661, signaling a strong upward momentum over the past weeks. However, the recent decline from the peak indicates potential vulnerability. If the price fails to maintain above the $0.60 mark, we might see a further dip towards the next support level at $0.55.
Read More: XRP Price Analysis: Ripple’s 150M Sell-Off Could Halt XRP’s 70% Rally