XRP, the native cryptocurrency of fintech company Ripple, started the new month on a sour note: in the last 24 hours, its price has dropped significantly - by more than 7%.
In addition to the factors affecting the #cryptocurrency sector as a whole, this fall was exacerbated by the sudden cancelation of the long-awaited closed-door meeting between #Ripple and the U. S. Securities and Exchange Commission (SEC) on Thursday, leaving #XRP on the verge of further decline.
However, despite the recent setback, optimism about XRP's potential remains high, fueled by bold predictions from cryptocurrency analysts On July 31, analyst JD stirred up the crypto community with a provocative forecast. He noted that XRP's current technical performance resembles that seen before the 2017 bull run, when the cryptocurrency rose more than 600 times in a year.
JD's prediction is not an isolated opinion. On Wednesday, popular crypto analyst Jayvon Marks emphasized that XRP has broken out of a major resistance trend that lasted more than 2,351 days. The analyst noted that he believes the breakout could lead to XRP reaching a target price of more than $150, which would result in an upside of more than 21,000% from the current price.
n addition, Donovan Jolly noted that XRP has recently broken out of a six-and-a-half-year downtrend and gave a short-term outlook. Mr. Jolly expressed confidence that the price of XRP, which has a wide spread compared to many #altcoins , could rise to $28 by the end of 2025 if an SEC lawsuit does not prevent it from advancing.
However, investor sentiment is also leaning bullish. According to cryptoanalytics platform Santiment, the number of wallets holding at least 10,000 XRP has risen sharply in recent weeks, with the number of Shark and Whale addresses reaching a six-month high of 279,400 as of July 31. This significant increase in the number of holders is a positive sign of growing confidence in the market value of XRP.
Read us at: Compass Investments
