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February 27, 2024
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Ripple (XRP) Price : Will XRP Price Hit $1 By July End ?

The post Ripple (XRP) Price : Will XRP Price Hit $1 By July End ? appeared first on Coinpedia Fintech News

On Friday, XRP surged ahead of Binance Coin (BNB) to reclaim its position as the fourth-largest digital asset, boasting a market cap of $41.2 billion. The recent judgment ruling prompted US-based centralized exchanges to relist XRP, driving up demand significantly.

As a result, XRP’s daily trading volume skyrocketed by over 1716 percent to $14 billion, while open interest increased by 94 percent to $1.05 billion in the past 24 hours. However, increased volatility in the XRP market led to losses of over $64 million.

From a technical standpoint, XRP’s price action suggests a bullish outlook, with indicators pointing towards an imminent rally beyond $1 in the coming days. FOMO traders eagerly longing for XRP further strengthen the bullish sentiment.

Despite the positive momentum, XRP faces a formidable resistance level from a macro-symmetrical triangle. Overcoming this obstacle is crucial for sustaining the bullish trend.

In terms of fundamentals, the recent ruling significantly boosted XRP’s social dominance, evidenced by a surge in whale transactions and a related short squeeze, according to market intelligence platform Santiment.

It’s important to note that institutional sales of XRP, previously classified as securities, now prevent US-based ODL users from acquiring assets directly from Ripple. Consequently, these users must turn to the secondary market for XRP transactions.

Overall, the XRP market has experienced a resurgence, reclaiming its position as the fourth-largest digital asset. Increased demand, a favorable ruling, and positive market sentiment contribute to a bullish outlook for XRP in the near term. However, challenges remain in breaking through the resistance level.

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