XRP experienced a rebound in price in July after surging nearly 5% on Thursday. Its price is now at $2.42 mark and the bullishness remains intact with major buying pressure. Its daily trading volume has skyrocketed to $4.4 billion, up from the average volume of $2.8 billion a month ago. That’s a spike of more than 60% in buying and selling pressure as the leading altcoin is attracting investors from all corners.
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XRP Could Head Towards $2.50 to $2.70
The Ripple’s native token rebounded from a low of $1.95 last month to a high of $2.42. That’s an uptick and return on investment (ROI) of approximately 25% in less than a month. An investment of $1,000 could have turned into $1,250 in a short period. Now that the leading altcoin is continuing its positive momentum, the potential of an upward swing remains high.
If the upward trajectory continues, the next resistance level for XRP is expected to be around the $2.50 range. Bulls are expected to take an entry position at this level that could lead to a price boost. If the altcoin maintains a stable record at $2.50, the next resistance level is projected at the $2.70 range. That’s a profit of around 11% if it holds on to its resistance level.
Also Read: XRP’s Price Rally Could Trigger Massive Short Squeeze, Analyst Warns
Bulls Eye a Price Target of $3
The bulls have locked in their target for XRP at the $3 range. If the altcoin breaks above the $2.50 and the $2.70 level, the chances of hitting $3 remain high. Data shows that there’s an increase in call strikes with traders placing bets for XRP at $2.80 and $3. This is also among the reasons why its trading volume soared to $4.4 billion this month. If XRP reaches the $3 mark, the massive sell-offs and profit bookings could make its price fall lower.
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