XRP has just registered another important move that shows its price might have finally hit the bearish floor. Current market data pegs the price of XRP at $0.5908 after it recorded a massive 7.62% surge in the past 24 hours. For an altcoin whose volatility pushed it into the negative growth zone on July 19, this current uptick is a major upgrade that hints the worst might be over.
XRP odds for $0.7
From its current level, XRP needs to jump by at least 18% on a sustained basis before it can hit the immediate target of $0.7. The projected 18% growth range might seem small, however, considering the fluctuations and uncertainty in the market, attaining the growth might come off as tasking.
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XRP has come a long way naturally. In the past seven days, the coin has jumped by more than 16% at a time when the majority of its rivals have recorded negative growth trends. The month-to-date (MTD) price action with the 18% growth also shows that the building momentum is not a momentary one.
XRP has recorded many positive metrics, with different XRP-linked innovations boosting the sentiment. While the coin remains in a vantage point to grow, the odds of sustaining this growth are still largely dependent on the broader market outlook.
Ethereum ETF boost
In the coming week, the market is likely to welcome the official launch of spot Ethereum ETF products. Though Ethereum has 17.3% market dominance, the launch might have a very strong complementary boost for the market in general.
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The different tokens had remained in a stalemate for a couple of weeks with the expectations of a catalyst to break it. Overall, XRP is poised to be a major beneficiary, having already set the pace with its current growth trends.
