Although tiny sell-offs had temporarily stalled the altcoin market’s resurgence, it was now on the mend. The price of XRP was also rising with modest selling pressure, and this recovery effort could lead to a spike in the asset. Altcoin price in the short term is determined by the outcome of the sec litigation and the announcement of broad adoption. Even if everything appears to be bearish, XRP Price could be on the verge of a rally during this cycle.
A Billion XRP unlocked?
On July 1, the Ripple DLT withdrew another billion XRP coins from escrow.
For several years, these massive XRP releases have been scheduled to occur on the first day of each month. As July 1 approached, the San Francisco-based blockchain company unlocked another billion dollars in cryptocurrencies. This is the equivalent of almost $704 million in fiat currency.
Ripple has delivered 1,000,000,000 XRP in two separate 500 million transfers.
New Partnerships!
RippleX, Ripple’s developer arm, has announced a collaboration with Mintable, an NFT marketplace. The partnership allows XRP Ledger (XRPL) developers and artists to take advantage of the XRP blockchain’s low transaction costs and low power consumption to market their work securely and effectively.
Analysts Bullish on XRP Price !
Credible Crypto, a prominent cryptocurrency analyst and well-known XRP bull, projected that XRP would be “one of the worst-performing majors” until it started outperforming the market. He continues to believe that the asset would soar this cycle to a new all-time high, similar to what it did in 2017.
The price of XRP soared almost 10x in the 30 days following BTC’s peak, bringing the overall gains of that cycle to 62,947 percent, according to the pseudonymous expert. He went on to say that investors shouldn’t write the cryptocurrency off just because it got off to a rocky start.
Conclusion
XRP was trading at $0.63 with a market capitalization of $31.35 billion at the time of publication. Even though the price is down it is necessary for XRP to build a strong support at $0.65. Which would enable XRP price to overcome the considerable resistance around $0.740-$0.760. On the flip side the support levels are held at $0.60 and 0.55.
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