XRP Price Falls Below $3 Amid Market Correction
XRP price has dropped by 6%, falling below the critical support level of $3.0, and has corrected over 10% from its weekly high of $3.30. Trading volumes surged to $7.5 billion, indicating strong bearish sentiment.
Price Outlook for XRP
- Analyst Javon Marks sets a short-term target for XRP at $4.804.
- XRP maintains support above $2.47, hinting at sustained bullish momentum.
- A potential rally of 44% is expected to reach the new target.
- A breakout above this resistance could lead to a further target of $7.138.
The recent drop coincides with a 15% decrease in XRP futures open interest over the past two weeks. Despite this, whale activity around XRP remains strong.
XRP Outperforms Ethereum in Transaction Revenue
According to Coinbase's Q2 results, XRP contributed 13% to transaction revenue, surpassing Ethereum’s 12%. This marks an increase from the previous quarter's 10%. The rise in XRP's trading activity follows a legal victory regarding its classification as a non-security.
Spot XRP ETF Discussions
Discussions surrounding the approval of a spot XRP ETF have gained traction, with Bloomberg analyst Eric Balchunas suggesting a possible approval by September or October.
BEST Wallet Crypto Presale
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