XRP Price Rally Stalls at $0.63 as Ethereum ETFs Experience Outflows
XRP encountered resistance at the $0.61 mark on July 25, facing downward pressure influenced by Ethereum ETFs. Despite this, bullish traders are actively working to push the rally towards the $0.65 range.
The crypto market has been on an upward trajectory since July 5, with various positive catalysts driving momentum. The launch of Ethereum ETFs and Joe Biden’s withdrawal from the 2024 US Elections race have sparked optimism regarding potential regulatory shifts within the crypto space.
Ripple (XRP), a heavily contested crypto entity during the Biden administration, has seen increased demand following Biden’s exit. Investors are optimistic about a friendlier crypto stance under potential candidate Donald Trump.
XRP surged by 17% post-Biden’s announcement, outperforming major cryptocurrencies like BTC and ETH. The price climbed from $0.54 on July 19 to a weekly peak of $0.63 on July 23, fueling speculations of a potential move towards the $0.65 resistance level.
However, recent developments surrounding Ethereum ETFs have cast a shadow over the altcoin market, posing a risk to XRP’s ongoing rally. The launch of Ethereum ETFs on July 23 garnered significant trading volume and inflows but saw a reversal in sentiment on July 24, with over $130 million in net outflows.
The altcoin market, including XRP, felt the impact as prices dipped. XRP dropped by 6% from its weekly high, slipping below $0.60 on July 25. The market now awaits to see if XRP bulls can sustain their gains or succumb to the mounting bearish pressure.
XRP is currently priced at $0.6185, showing marginal upward movement with a 0.03% increase in the last 24 hours. The coin has consolidated around the critical $0.60 support level, with $0.59 identified as a key level that bulls must defend to prevent further declines.
While a brief 6.01% dip was observed recently, a notable 17.69% gain over five days indicates underlying bullish sentiment. Potential support levels at $0.55 and $0.50 could come into play if the price breaches $0.59.
Resistance levels at $0.62 and $0.65 are crucial for further upside momentum, with a significant barrier around $0.70. The Accumulation/Distribution Line (ADL) suggests moderate buying pressure, supporting the current price level or a potential uptrend.
In conclusion, XRP’s defense of the $0.59 support is vital for the bulls. A breach below could lead to further downside, while surpassing $0.62 and $0.65 resistance levels may signal a continuation of the bullish trend. It is important to conduct thorough research before making investment decisions, as this content serves for informational purposes only and does not constitute financial advice.
