XRP Price Prediction: Bulls and Bears Battle It Out as the Market Awaits the Spot Ethereum ETF Launch

The XRP price is feared to lose a pivotal range, which may cause the token to undergo a pullback with a significant margin and also compel it to remain consolidated below the pivotal resistance.

After a stunning rally that saw a 40% surge in levels, the bulls seem to have burned out, setting off alarms for the XRP price rally.

The token now βρίσκεται at a critical juncture, where a strong rebound could be ignited or, if support fails, the price might face a 12% drop.

Crypto markets have been experiencing volatility as the launch of the spot Ethereum ETF approaches. While Bitcoin & Ethereum prices showed strength, XRP & ADA prices remained consolidated within a range. Notably, XRP price is at risk of losing a crucial zone, which could lead to a sharp pullback in the token’s price, compelling it to remain consolidated below the pivotal resistance.

As the new weekly trade begins, the bulls’ grip seems to be weakening with selling pressure mounting for most tokens. XRP price slipped below $0.6, creating a bearish wave among market participants. However, despite the bearish forces at play, the token remains under bullish influence, presenting a potential opportunity for a recovery to lost levels & a continuation towards new yearly highs.

The weekly chart for XRP price showcases a bearish outlook, with the Supertrend, which helps traders identify the market direction, remaining bearish despite a bullish weekend close. Moreover, the RSI had been exhibiting a steep uptrend since rebounding from the lows in the first week of the month. However, it failed to validate a trend reversal as buying volume remained higher than selling volume, indicating that bulls could still return to push prices to higher targets.

After an extended consolidation phase, market participants and analysts are now anticipating a bullish breakout, which could pave the way for a strong uptrend in the upcoming weeks. As markets consolidate ahead of the launch of the spot Ethereum ETF, set for July 23, 2024, a strong breakout might be seen following the event. However, such launches tend to impact cryptos only briefly.

Thus, bulls need to capitalize on the upcoming momentum to secure higher targets at $0.7, which could further propel XRP price towards the major resistance at $0.8.

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