If XRP manages to stay above $2.34, a rally toward $6 is possible, says Arthur Azizov of B2 Ventures.
XRP has been trading within its current range since December. However, the token may be positioning for a major rally. On Wednesday, July 9, it reached a monthly high of $2.40 and managed to sustain its momentum even after a brief correction, trading at $2.37.
Arthur Azizov, founder and investor at B2 Ventures, believes that if XRP holds a key support level, it could push to new highs, potentially even record territory. The first major resistance, he noted, lies at $2.65.
“XRP is currently trading near a key level. If the price manages to hold above $2.34 and stays above this mark, it is likely to move towards a new high around $2.65,” Arthur Azizov, B2 Ventures.
Currently, XRP traders are accumulating tokens, but the price has remained relatively stable. Azizov attributes this to XRP’s tendency to move independently of broader market dynamics. Despite that, the overall outlook for the token is bullish.
“Since XRP has been in accumulation for quite a long time, the outlook remains positive. Most likely, the breakout will be to the upside, with targets in the $4–6 range,” Arthur Azizov, B2 Ventures.
XRP crypto fundamentals remain strong: Azizov
A move above $3.84 would mark a new all-time high for XRP, last reached in January 2018. Several fundamental factors may now support such a move.
For one, XRP has expanded its partnerships with major institutions. Additionally, a growing number of XRP-focused ETF applications have been filed in the U.S., signaling investor anticipation of increased demand.
Its largest ETF, the Teucrium 2x Long Daily XRP, saw its biggest weekly inflows since launch, registering at $158 million in July.
Credit: Source link
