XRP price broke out of consolidation during the weekend and reclaimed the $2.00 support. However, it got rejected near $2.24, and has since dropped to $2.11 as of this writing. Whether this is a pullback before continuation of the uptrend or the start of a deeper decline will depend on the broader market sentiment. XRP price gained 10% in the last week and that has seen its its year-to-date performance turn green.
XRP Price Maintains Bullish Outlook
The momentum propelling XRP price is fueled by bullishness around the Securities and Exchange Commission (SEC) decision to withdraw its four-year-old case against the coin’s issuer, Ripple Labs. In addition, the company’s acquisition of multi-asset prime broker, Hidden Road last week, creates substantial utility for XRP and RLUSD stable coin. Finally, its mention by US President Donald Trump among the five crypto assets to be included in a Federal Strategic Cryptocurrency Reserve also adds weight to its long-term fundamentals.
XRP ETF applications are lined up for approval, and the SEC will likely okay their listing in the third or fourth quarter of the year. That could bring substantial institutional inflows in the long term, adding weight to the coin’s upside potential. XRP price is up by 0.27% on the daily chart and the trading volume rose by 23.6% in the last 24 hours. That shows traders’ willingness to pay the extra coin to acquire XRP, which augurs well for the price outlook.
XRP Price Prediction
XRP price pivot mark is at $2.08 and the momentum favours the upside to continue above that level. The bulls will likely meet initial resistance at $2.13, but a stronger momentum could breach that barrier. That could create a pathway to head higher and test $2.18.
On the other hand, breaking below $2.08 will shift the momentum in favour of the sellers. With the sellers in control, the XRPUSD will likely go lower and find the first support at $2.04. Breaking below that level will invalidate the upside narrative. In addition, such momentum could push the price lower to test $2.00.
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