XRP remained relatively stable during the weekend, with the prices firmly securing around important support levels. However, the price has been moved sideways lately, without strong movement in both directions. On the daily graph, XRP bounces between support and resistance levels without making large movements.
At the moment the most important support zone for XRP is between $ 2.05 and $ 2.10, while the main resistance is approximately $ 2.30 to $ 2.40. If XRP can break above this resistance, the next challenge is $ 2.60. On the other hand, if the price drops below $ 2.05, this can find a support from around $ 1.90 to $ 1.80.
In the short term, experts believe that XRP will probably continue to act sideways, because it lacks sufficient purchase or sales pressure to push the price up or down in a large way. However, it can become more interesting in the long term.
Can the XRP price hit $ 10?
An important update on the fundamental side is Ripple’s Stablecoin, RLUSD. Since the beginning of June, the market capitalization of RLUSD has risen from $ 310 million to $ 450 million – a large increase in just two weeks. This increase shows the growing interest in Stablecoins, and Ripple’s access to this market can increase overall demand and visibility for XRP in the long term. If Stablecoin projects continue to receive attention, Ripple and XRP can also benefit from the momentum.
Some analysts have noticed That XRP slowly shows signs of bullish pressure. If this continues and strength wins, XRP has the potential to climb much higher. In fact, the long -term price target for XRP remains between $ 7.50 and $ 10, but it will need a stronger momentum and positive market conditions to achieve those levels.
Credit : coinpedia.org
