XRP (XRP) has dropped nearly 8% over the past 7 days, as the broader crypto market cools off from its July highs in what many see as a healthy correction. But does the recent price action support a bullish or bearish XRP price prediction?
Trading volume has declined by 25% in the past 24 hours, even as XRP rebounded by nearly 4% to reach $2.98, hinting at possible early accumulation.
Meanwhile, Ripple continues to push forward with its long-term vision of becoming the leading decentralized platform for global cross-border payments.
The recent launch of its native stablecoin Ripple USD (RLUSD) and new support for Circle’s USDC are major steps that could boost real-world utility and long-term investor confidence.
RLUSD’s market cap has been expanding lately. In July alone, the circulating supply increased from $455 million to $602 million – a 32.3% in just a month.
Meanwhile, an independent stablecoin auditing company called Bluechip gave RLUSD an A rating upon assessing the token’s reserves, pegging mechanism, and regulatory aspects.
If RLUSD continues to be embraced by top exchanges, users, and payment platforms, this would support a bullish XRP price prediction in the long term as it would result in higher transaction volumes for the network.
XRP Price Prediction: 12-Hour Price Action Shows Strong Bounce Off $2.72
XRP (XRP) broke a symmetrical triangle in the 12-hour chart mid-July and reached $3.65 just a few days later.
This strong rally has been followed by a pullback as the Relative Strength Index (RSI) reached extreme overbought levels at some point.
Now, the oscillator has entered “oversold” area, meaning that the token could be getting ready to bounce. The weekend’s price action shows that the token has found support at $2.72 temporarily.
If buying pressure is strong enough at this level, it could provide the necessary liquidity to resume last month’s rally.
As a result, XRP could be the third token in the top 5 to make a new all-time high after Bitcoin (BTC) and BNB Coin (BNB).
The macro backdrop supports this bullish XRP price prediction amid the passing of supportive legislation in the U.S. like the Genius Act and the growing popularity of Ripple’s native stable asset RLUSD.
A move toward $10 per token is not off the table, especially if a spot XRP ETF is approved within the next few months.
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