XRP Shows Strength Above $2.26, Eyeing $2.38 Next
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XRP Shows Strength Above $2.26, Eyeing $2.38 Next

XRP demonstrates continued resilience, reaching new highs and showing momentum amidst macroeconomic challenges.

Key Highlights:

  • XRP surged by 4.5% from July 7 to July 8, reaching a peak of $2.35 and later stabilizing around $2.26, bolstered by robust trading volumes.
  • Grayscale has recently included XRP in its Digital Large Cap Fund, with ten spot ETF applications currently awaiting U.S. regulatory decisions.
  • Analysts indicate that if XRP breaks through the $2.38 mark, it may target $3.40, supported by strong institutional interest and on-chain activity.

Market Overview

XRP’s recent performance has been robust, climbing 4.5% from $2.25 to a high of $2.35 during the peak trading hours with over 182 million XRP being traded. Despite a generally cautious market outlook, XRP’s consistent trends indicate ongoing strength, likely to persist if it successfully breaches key resistance levels.

News Context

With growing geopolitical tensions and escalating global trade disputes, cryptocurrencies like XRP find themselves at a crossroads between a risk-averse market atmosphere and the support of institutional capital.

  • Grayscale’s recent inclusion of XRP into its fund follows the lifting of regulatory constraints and marks a significant endorsement that comes at a time when ten XRP spot ETFs await approval, expected as soon as October.
  • XRP is increasingly seen as a technical leader among large-cap tokens, particularly if it surpasses the $2.38 threshold.

Technical Insights

  • During the 13:00–16:00 trading period, XRP demonstrated its most active volume, peaking at approximately 182 million units.
  • Initial resistance was noted at $2.32, before retracing back as sellers took over, stabilizing around the $2.26 range.
  • The $2.25 to $2.26 range has emerged as a crucial support level, effectively absorbing selling pressure during high volatility.

For those looking to keep up with crypto news, stay informed through the Crypto Daybook Americas Newsletter.

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