XRP has been trying to manage an uptrend ever since crashing below $1 after almost touching $2 in May. Since the crash, Ripple (XRP) seems to be resisting an uptrend, and any gains past $1 have been refuted. Some gains were achieved in early June, but a retreat happened shortly after.
XRP’s price has dropped by 1.5% in the past 24 hours. At the time of writing, the coin is trading at $0.648 on major exchanges.
XRP Price Analysis
XRP’s price looks promising, given that it is past the $0.55 critical level. Trading past this level shows that the coin has overcome strong bears and is now pushing to higher levels.
XRP faced earlier rejection at $0.70, and it has now faced a second rejection at $0.65. The rejection is bad for the coin because further retreats below might cause selloffs from users who want to escape any vast losses in the case of sharp bears.
On the upper hand, XRP might overcome the $0.70 resistance level and progress towards bulls. Bulls for the token are critical because they will trigger buying support, and the token might rebound past $1. Bulls for XRP past $1 will depend if there is support from the broader crypto market.
XRP might rally soon because of the progress made by Ripple towards achieving strategic partnerships. The company recently partnered with Mintable to invest in an NFT marketplace. Mintable will use XRP’s Ledger (XPRL) to accomplish a multi-chain platform that will make NFTs more accessible for minting, buying and selling.
This partnership is expected to rally the price of XRP towards an upswing; hence buyers who have bought the token for the short term might witness incredible gains.
At the first of each month, Ripple releases a billion XRP tokens from Escrow, which happened on July 1. The release of these tokens has been petitioned by crypto community members who believe the release affects XRP’s prices. The release also comes as Ripple continues its fight with the SEC over the nature of the tokens.
Where to Buy Ripple (XRP)
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