Ripple (XRP) has been in a positive mood since May 16, advancing from a low of $0.41 to a high of $0.56. The current Ripple (XRP) price stands at $0.47, and despite the recent correction, bulls still control the price movement.
A flurry of applications from many other asset management firms have been filed over the past few weeks but on Friday; the Wall Street Journal released a report that negatively impacted the crypto market. But where is the price of Ripple (XRP) going next, and what can we expect from July 2023?
Today, Crypto Lists will discuss Ripple (XRP) price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you got if trading with leverage.
Wall Street Journal the catalyst behind XRP sell-off
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- 1 Wall Street Journal the catalyst behind XRP sell-off
- 2 Overall crypto sentiment plays important role
- 3 Technical analysis for Ripple (XRP)
- 4 Important support & resistance levels for Ripple (XRP)
- 5 What speaks for the rise in the Ripple (XRP) price
- 6 What indicates further downfall for Ripple (XRP)
- 7 What do analysts and experts say?
The last two weeks have been a positive period for the cryptocurrency market, and growing speculations around the first Bitcoin ETF approval in the U.S. helped the crypto market bounce. BlackRock, the world’s biggest asset investment firm, applied to the U.S. Securities and Exchange Commission (SEC) for a Bitcoin ETF on June 16, and it is important to say that throughout its history, BlackRock has applied for 576 ETFs, facing only one rejection.
Positive movements in Bitcoin often lead to increased investor confidence, and when Bitcoin experiences significant price movements, it tends to impact the value of many other cryptocurrencies. However, the XRP token plummeted by nearly 5% on Friday, and the drop was triggered by a massive token dump of 50 million XRP.
The catalyst behind this sell-off was an alarming article published by the Wall Street Journal on Friday which revealed the Securities and Exchange Commission’s claim that filings for spot Bitcoin exchange-traded funds (ETFs) are incomplete and unclear.
This single headline alone managed to wipe out a staggering $56 billion from the overall market capitalization, leaving XRP severely impacted. The Wall Street Journal reported:
“The securities regulator told the Nasdaq and the Chicago Board Options Exchange (Cboe) that their filings are not sufficiently clear and comprehensive. These exchanges represent asset managers in the filing of the financial product.
In the eyes of the SEC, the exchanges should have named the spot Bitcoin exchange with which they would have a “surveillance-sharing agreement” or provided sufficient information about the details of those surveillance arrangements. However, asset managers can resubmit the filings after clarifying the information.”
Overall crypto sentiment plays important role
The overall sentiment on the cryptocurrency market plays a very important role in XRP’s price trajectory, and if investors regain confidence again, an upside potential could benefit XRP in July 2023. Some optimistic crypto analysts believe that the SEC’s willingness to reconsider applications for ETFs indicates a potentially bright future for the industry.
The SEC approval would certainly positively influence the price of XRP, Bitcoin, and many other cryptocurrencies; still, investors should continue to take a defensive investment approach in the days ahead.
The cryptocurrency market remains extremely volatile, making it difficult to predict a coin’s price in a few hours and even harder to come up with a long-term target price. There are also expectations of “some market turbulence” from looming recession concerns and macro uncertainty, while economists predict that the U.S. central bank could keep interest rates at restrictive levels for a longer period.
The effect of the 2022 crypto price crash, U.S. inflation growth, and interest rate hikes haven’t diminished from the market yet.
Technical analysis for Ripple (XRP)
Ripple (XRP) has been in a positive mood since May 16, advancing from a low of $0.41 to a high of $0.56. The current price of XRP stands at $0.47, and as long the price of XRP is above $0.45, we can’t talk about a trend reversal, and the price of this crypto remains in the BUY-ZONE.
Important support & resistance levels for Ripple (XRP)
On this chart (the period from October 2022), I marked important support and resistance levels that can help traders to understand where the price could move. Ripple (XRP) has weakened from its recent highs, but if the price jumps again above the resistance that stands at $0.50, the next target could be resistance at $0.55.
The current support level is $0.45, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $0.40. If the price drops below $0.40, which represents an important psychological support level, the next target could be $0.35.
What speaks for the rise in the Ripple (XRP) price
The overall sentiment on the cryptocurrency market can play a crucial role in XRP’s price trajectory, while XRP’s ability to maintain above $0.45 support is an encouraging sign, and it could potentially act as a strong foundation for a price bounce. A move above $0.50 would be beneficial for the bulls to remain in control of price movement.
What indicates further downfall for Ripple (XRP)
There has been a significant drop off in the number of whale transactions this trading week for XRP, and when whales reduce their trading activity (transactions worth $100,000 and above), it usually indicates that they are losing confidence in the underlying coin’s short-term price prospects.
If the whales continue to reallocate funds to other investments, the price of XRP could take an even bigger hit in the upcoming weeks. The price of XRP is currently above $0.45 support, but a break below this level would indicate that XRP could probably test the important support level that stands at $0.40.
What do analysts and experts say?
Ripple (XRP) plummeted by nearly 5% on Friday, and the catalyst behind this sell-off was an alarming article published by the Wall Street Journal, which revealed the Securities and Exchange Commission’s claim that filings for spot Bitcoin exchange-traded funds (ETFs) are incomplete and unclear.
Some optimistic crypto analysts believe that the SEC’s willingness to reconsider applications for ETFs indicates a potentially bright future for the industry, while there are also analysts cautioned that the cryptocurrency market might slide again.
However, the fundamentals of Ripple (XRP) are strongly tied to the overall cryptocurrency market, and it is important to keep in mind that the effect of the 2022 crypto price crash, high inflation, and interest rate hikes haven’t diminished from the market yet.
Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.