{"id":56239,"date":"2023-07-20T22:02:46","date_gmt":"2023-07-20T22:02:46","guid":{"rendered":"https:\/\/egrowonline.com\/?p=56239"},"modified":"2023-07-20T22:02:46","modified_gmt":"2023-07-20T22:02:46","slug":"can-xrp-price-hit-1-watch-these-levels-next","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=56239","title":{"rendered":"Can XRP price hit $1? Watch these levels next"},"content":{"rendered":"


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The price of XRP (XRP<\/a>) has skyrocketed after a federal court ruling declaring<\/a> that its sales on crypto exchanges complied with United States securities laws.<\/p>\n

On July 14, the XRP price retreated by about 10% to $0.76, but compared with its lowest price the previous day, it was still up around 65%. <\/p>\n

Related: Why is XRP price up today?<\/a><\/em><\/strong><\/p>\n

At its highest in the last 24 hours, the XRP\/USD pair reached $0.93, its best level since December 2021, just shy of hitting the $1 mark.<\/p>\n

XRP\/USD daily price chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

A whale-backed XRP rally<\/h2>\n

Certain indicators show that XRP\u2019s ongoing price pump may not be just a short-term reaction to the positive news for Ripple.<\/p>\n

For instance, the duration of XRP\u2019s massive pump coincides with its trading volumes reaching a 10-month high. Meanwhile, the number of XRP whale transactions \u2014 wallets holding more than $100,000 \u2014 climbed to their best level in 2023, suggesting that the wealthiest investors back the XRP rally.<\/p>\n

\u201cIf key whale and shark addresses are increasing their supply going into this pump, then it is a get foreshadowing signal that the pump may just be getting started, and it\u2019s a sign of good things to come,\u201d stated<\/a>\u00a0Brian Q, an analyst at data analytics platform Santiment.<\/p>\n

Whale transaction count (>$100K). Source: Santiment<\/em><\/figcaption><\/figure>\n

Furthermore, the XRP price gains come in line with a rise in the supply held by entities with a 100,000\u201310 million token balance.<\/p>\n

XRP supply held by whales. Source: Santiment<\/em><\/figcaption><\/figure>\n

In other words, whales have not sold the rally but accumulated XRP<\/a>, suggesting most want to position themselves for further gains.<\/p>\n

XRP to $1 and beyond?<\/h2>\n

From a technical standpoint, XRP can test the key $1 level in the coming days, but its potential to continue its rally beyond looks weak for the time being.<\/p>\n

Notably, the pullback on July 14 occurred near a resistance confluence comprising a multiyear horizontal trendline (purple) and a giant descending trendline ceiling (black). <\/p>\n

In addition, XRP\u2019s weekly relative strength index (RSI) has turned overbought, raising its correction prospects.<\/p>\n

XRP\/USD daily price chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

Should a pullback occur, XRP price risks dropping toward its multiyear ascending trendline support near $0.45 by September, down around 55% from the current price level. <\/p>\n

Related:\u00a0Ripple CTO warns against XRP scams amid SEC-induced hype<\/a><\/em><\/strong><\/p>\n

Other price targets include the token\u2019s 50-week exponential moving average (50-week EMA; the red wave) near $0.48 and 200-week EMA (the blue wave) near $0.50.<\/p>\n

On the other hand, an overbought RSI could also result in the XRP price consolidating sideways inside the $0.75\u2013$1 range.<\/p>\n

XRP\/USD weekly price chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

If the XRP price decisively breaks above $1, then its next price target by September will likely be near $1.35, a resistance level from the August to December 2021 session.<\/p>\n

Collect this article as an NFT<\/a><\/em><\/strong> to preserve this moment in history and show your support for independent journalism in the crypto space.<\/em><\/em><\/p>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<\/div>\n


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The price of XRP (XRP) has skyrocketed after a federal court ruling declaring that its sales on crypto exchanges complied with United States securities laws. On July 14, the XRP price retreated by about 10% to $0.76, but compared with its lowest price the previous day, it was still up around 65%. Related: Why is […]<\/p>\n","protected":false},"author":1,"featured_media":56240,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[40],"tags":[133,977,195,635,58],"class_list":["post-56239","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-analysis","tag-hit","tag-levels","tag-price","tag-watch","tag-xrp"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2023\/07\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDcvOGQ2MzhmZWUtZWFkNS00ZTczLWEyZmMtMDdhMjU5OGRjNzk2LmpwZw.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/56239","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=56239"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/56239\/revisions"}],"predecessor-version":[{"id":56241,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/56239\/revisions\/56241"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/56240"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=56239"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=56239"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=56239"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}