Summary Points
TL;DR
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Support Zone Defense: XRP is holding firm around the $3.05–$3.10 support region, forming a potential bullish double bottom setup on the 4-hour chart.
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Increasing Wallet Activity: The number of XRP wallets is nearing 7.3 million, indicating a trend toward long-term holding as exchange balances decline.
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Rising On-Chain Activity: On-chain movements have rebounded to 1 billion tokens, signaling increased network engagement ahead of August.
- Price Action Signals: A breach above $3.25 could confirm a breakout toward $3.50, while support remains strong at $3.00 amid growing trading volume.
Is Ripple’s XRP Set for a Bullish Breakout?
Ripple’s XRP is gaining attention as it maintains a strong support range between $3.05 and $3.10. This zone has shown resilience, consistently attracting buyers throughout July. Currently, XRP trades at $3.14, marking a slight increase of 3% over the past week.
Market analysts believe a double bottom pattern may be forming on the 4-hour chart. This pattern often indicates a potential trend reversal, as buyers demonstrate commitment at the same support level. Momentum indicators also signal a positive shift. XRP recently moved above its 9-period exponential moving average, suggesting a possible short-term direction change.
Despite recent fluctuations, trading volume has increased during support zone activity. If XRP climbs above $3.25, it could signal a confirmed breakout, opening the door for a rise toward $3.50.
Wallet activity reveals a significant trend. More XRP appears to be shifting into private storage. This movement implies a decrease in supply available for quick selling and a growing interest in long-term holding. Notably, XRP wallet count is nearing 7.3 million, illustrating broader participation in the network.
On-chain activity demonstrates a rebound. XRP transfers reached high volumes earlier in July but stabilized around 1 billion tokens recently, indicating renewed network engagement.
Market analysts remain cautious yet optimistic. According to CRYPTOWZRD, a closing price above $3.23 could initiate a longer trading setup, while support holds steady at $3.00. For now, many eyes remain on XRP as it navigates these strategic levels.
As Ripple’s XRP evolves, its potential to address real-world payment challenges continues to draw interest. The combination of increasing user engagement and a solid support framework lays the groundwork for future developments in the cryptocurrency space.
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