XRP's price is experiencing strong volatility while testing the 3 USD threshold but is temporarily adjusting downward slightly in the short term.
XRP is showing better strength than Bitcoin on shorter time frames, with the potential to accumulate around the 2.60–2.70 USD range in preparation for the next price increase. Upcoming inflation data will impact the short-term cryptocurrency trend.
MAIN CONTENT
XRP is holding the important support level of 2.60–2.70 USD in preparation for the next increase.
The 3 USD level is a key Fibonacci resistance, breaking it will pave the way for strong upward momentum.
Inflation data will have a significant impact on sentiment and trends in the cryptocurrency market.
What position is XRP in compared to Bitcoin during this correction?
According to analyst Casi Trades (2024), XRP shows better strength than Bitcoin on shorter time frames as the cryptocurrency market cools down, demonstrating relative resilience and stability.
In the past week, although XRP's price tested the resistance level of 3 USD, it couldn't maintain it immediately, unlike the deeper downward trend of Bitcoin. This indicates that XRP has a stronger foundation during the current volatility, supported by the crucial support level around 2.69 USD for investor sentiment.
What are the important support and resistance levels for XRP currently?
XRP is currently holding the key support zone from 2.60 to 2.70 USD, which is a foundational point for this token to accumulate strength in preparation for the next run. The main resistance is at 3 USD, determined based on the Fibonacci level from XRP's historical peak.
Maintaining this support zone will help XRP avoid a deeper price drop and may create a strong rebound when surpassing the 3.04 USD threshold. If successful, the next target could reach 3.40 USD and beyond.
If XRP surpasses its historical peak, the price will accelerate rapidly, facing less resistance ahead and having enough time for a strong uptrend before the end of July.
Casi Trades, Cryptocurrency Analyst, June 2024
What factors influence the price trend of XRP in the near future?
Inflation data will be a key factor affecting the trends of the cryptocurrency market in general and XRP in particular in the short term. Market volatility may increase as important economic data is released.
Under the influence of a stable macro market and XRP maintaining the support zone of 2.70 USD, the possibility of breaking above 3 USD may still occur this month. Investors need to closely monitor economic reports to adjust their strategies accordingly.
What investment strategy is suitable for the current XRP price trend?
Carefully observing the support levels of 2.60–2.70 USD will help investors avoid the risk of a deep correction. Holding this area is a positive signal for accumulation before the potential breakout.
The strategy is to wait for a clear accumulation phase to form and decide to buy when XRP successfully breaks through the 3.04 USD threshold with increased trading volume, ensuring sustainable upward momentum.
Comparing the price movements of XRP and Bitcoin in the past week
Criteria XRP Bitcoin Price volatility Testing the 3 USD threshold, slight adjustment down to 2.60–2.70 USD Deeper decline, unable to break the strong resistance zone Important resistance at 3 USD (Fibonacci retracement level) Price above 30,000 USD (strong psychological zone) Main support at 2.60–2.70 USD 28,000 USD Price increase potential Potential breakout to 3.40 USD if surpassing 3.04 USD Needs to surpass 32,000 USD for a sustained upward trend
Frequently Asked Questions (FAQ)
Can XRP break above the 3 USD threshold this month?
If XRP maintains the support zone of 2.70 USD and the cryptocurrency market stabilizes, the possibility of breaking above 3 USD is very feasible, according to expert Casi Trades.
What is the biggest factor affecting the price of XRP currently?
The newly released inflation data is considered a key factor affecting the sentiment and trading decisions of cryptocurrency investors.
What is the important support level for XRP?
The 2.60 to 2.70 USD range is currently an important support level to maintain price stability and create a foundation for the next upward momentum.
In what ways is XRP stronger than Bitcoin?
XRP is showing better strength on shorter time frames during market corrections, as evidenced by not declining as deeply as Bitcoin.
What is the best investment strategy with XRP right now?
It is advisable to watch and only buy when XRP surpasses the 3.04 USD mark with significant trading volume to mitigate risks.
Source: https://tintucbitcoin.com/du-bao-gia-xrp-15-7/
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