XRP Price Prediction: XRP Holds Above $3 Support Level, Double Bottom Pattern Forms, Faces Bearish Threat
XRP is presenting a double bottom pattern, which is a potential bullish signal, but bearish pressure still exists. According to our analysis, the $3 support level is crucial, as XRP remains above this support despite market uncertainty. However, weakening on-chain indicators may pressure buyers, leading them to lose buying momentum and increasing the risk of sell-offs.
XRP Records Best Month
July has been XRP's strongest month to date, with significant price increases following multiple market updates. Data from CoinMarketCap shows that XRP has soared over 41% in the past 30 days, stabilizing above the important $3 support level.
XRP has experienced a wave of liquidations in the past 24 hours. The total value of these liquidations exceeded $17.5 million, with nearly $13 million coming from long positions, as buyers exited after hitting resistance around $3.2, leading to market sell-offs.
XRP's open interest has slightly decreased, down 0.16%, currently at $8.46 billion. Despite the modest decline, the funding rate remains positive at 0.0092%, indicating that traders still lean towards bullish sentiment despite increasing bearish pressure.
Also Read: Analysts Say 'Now is the Era of Altcoins', Prices of Solana and Sui Could Rise 20 Times Soon
In the past week, XRP monthly futures have maintained a premium of 6% to 8%, indicating steady market sentiment during the retest of the $3 price level. Even when XRP briefly broke above $3.6, the demand for leveraged long positions did not increase significantly.
Some recent buying demand for XRP also stems from market speculation regarding the U.S. approval of a spot ETF. If approved, this ETF could also positively impact other altcoins, including Litecoin and Solana.
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