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Watch These 3 Ripple (XRP) Price Predictions in July
TL;DR
What’s Next for XRP?
XRP has followed the overall resurgence of the cryptocurrency market in the last 24 hours, soaring to almost $2.30. Another factor that may have positively impacted its recent price performance is Ripple’s application for a license with the US national bank regulator, the Office of the Comptroller of the Currency (OCC).
According to multiple analysts, its ascent has yet to reach new dimensions. The X user CRYPTOWZRD noted that XRP closed the day “bullish,” setting $2.80 as the next resistance target
World of Charts believes an XRP breakout and retest has already been confirmed. The analyst expects a move towards $3 in the coming days, followed by a pump beyond $3.50 sometime this month.
The X user Maxi is even more optimistic. The crypto enthusiast believes XRP could replicate its performance in 2017 when it experienced a staggering 1,200% surge in a matter of days. Nowadays, a spike of that magnitude would drive the token’s valuation to a new all-time high of $30
At the moment, such a rally seems quite unrealistic, considering that XRP’s market cap needs to skyrocket above $1.6 trillion. Currently, Bitcoin (BTC) is the only cryptocurrency whose capitalization exceeds that mark, while Ethereum (ETH) is far below with $313 billion.
Observing Some Indicators
Despite the bullish predictions, there are some red flags popping up suggesting the asset could head in the opposite direction in the short term.
The Relative Strength Index, which measures the speed and magnitude of recent price changes, has climbed to almost 70. Such readings generally mean that the valuation has increased too rapidly over a short period of time, signaling that it might be time for a correction.
XRP RSI, Source: CryptoWavesIf you’re curious about more indicators that could hint at XRP’s next move, check out our in-depth article here.