XRP’s next price levels to watch as ‘significant correction’ looms
Main Idea
Analyst Michaël van Poppe suggests XRP's recent rally may be nearing exhaustion, with potential for a corrective phase, while regulatory developments and institutional interest continue to support its market position.
Key Points
1. XRP's rally, driven by the approval of the ProShares XRP Futures ETF, may have pushed the market into exhaustion, with $3.40 being a critical level to watch.
2. Failure to hold above $3.40 could trigger a significant correction, with potential accumulation zones identified at $2.70 to $3 and breakout zones near $2.20.
3. The GENIUS Act's validation of Ripple’s RLUSD stablecoin has boosted XRP's utility and market cap, enhancing its regulatory compliance.
4. Institutional interest in XRP is growing, evidenced by Teucrium’s leveraged 2x XRP ETF reaching $500 million in assets under management.
5. XRP is currently trading well above its 50-day and 200-day SMAs, indicating strong bullish momentum, but the RSI at 83.47 suggests potential overbought conditions.
Description
Following XRP’s bullish run, driven by massive buying pressure , an analyst is cautioning that the asset may be due for a correction. Indeed, cryptocurrency trading expert Michaël van Poppe noted that XRP’s rally, mainly fueled by the July 19 approval of the ProShares XRP Futures ETF, may have pushed the market into exhaustion, he said in an X post on July 20. XRP price analysis chart. Source: TradingView The ETF news acted as a key catalyst, reigniting interest in the altcoin and pushing its pr...
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