Following the footsteps of Ethereum, XRP has surged higher over the past 24 hours. The asset has decisively crossed above $0.20, which has long been a key resistance level for the asset.
The asset is now trading for $0.215, which is a price up approximately 5% in the past 24 hours.
While many analysts think the asset has room to rally, there are some signs that a bull run in XRP is not certain.
Adding to the uncertainty, there are some that expect all smaller altcoins to underperform as Bitcoin and Ethereum take the reins of the crypto market.
Despite XRP’s strong price performance in the past 24 hours, there remain investors that believe the asset is not yet in a bull market. This comes in spite of analyses indicating the asset has pierced crucial macro resistance levels.
XRP Is Breaking Out, But Price Could Stall
One prominent crypto trader shared the chart below after XRP began rallying on Saturday. He wrote, “this is literally the very beginning for XRP,” adding that investors should “let it ride.”
Chart of XRP’s macro price action against Bitcoin by trader Crypto Dog (@TheCryptoDog on Twitter). Chart from TradingView.com
Despite this, not everyone is convinced the asset has legs in the longer run.
As reported by Bitcoinist previously, XRP remains below a level of macro support despite the ongoing rally. The loss of this technical level led one analyst to suggest the asset could drop by 30-40% against Bitcoin. Referencing the chart, this analyst wrote:
“I don’t think this pumps without fundamentals and for now I don’t see anything in the calendar. Personally I’m waiting for orange or a HTF reclaim of the former floor that lead to this bleed out. Bounces are for shorting until proven otherwise,” the analyst said in reference to the macro downtrend.
Chart of XRP’s macro price action against Bitcoin by trader “Bagsy” (@Imbagsy on Twitter). Chart from CoinTrader and TradingView.com
Further bolstering the XRP bear case, the asset’s community is shrinking per social data. According to a recent report released by The TIE and eToro — a blockchain data firm and exchange/trading platform, respectively — XRP’s social media volume actually went down over the second quarter by around 21.81%:
“While existing crypto investors became increasingly positive about the industry, there was no mainstream euphoria surrounding crypto post-halving. 73% of cryptos saw a decreased number of tweets in Q2.”
All Altcoins Are Poised to Suffer
There are some analysts that are bearish on all altcoins, not just XRP.
The head of technical analysis at Blockfyre recently opined that in an environment where Bitcoin and Ethereum are “trending,” it is a poor idea to long altcoins:
“If $BTC and $ETH start trending. I’d be cautious on longing #ALTS. Especially if this is the start of a new BTC trend upwards. The most likely out come would be alt/btc pair ratios getting drained while BTC moved past 10.5k in that scenario. I also wouldn’t look to fade 1st move.”
He added in an earlier message that his analysis of the Bitcoin dominance chart indicates a short-term pullback.
Featured Image from Shutterstock
Price tags: XRPUSD, XRPBTC
Charts from TradingView.com
XRP Is Surging But Not Everyone Is Convinced a Bull Run Is Certain origin »
How cryptocurrencies like Bitcoin or XRP are distributed can impact a specific asset’s success, both in terms of trust in the asset, but also how scarcity might affect an asset’s long-term value. And while XRP is often the target of much distaste surrounding the way the asset was distributed, becoming a Ripple whale and joining.
These are interesting times for all cryptocurrencies. After plenty of excitement yesterday, it appears another reality check is on the horizon. Few currencies effectively note any growth, with some even losing value over the past 24 hours.
The EU’s Policy Department for Economic, Scientific and Quality of Life Policies released a report entitled “Virtual currencies and central banks monetary policy: challenges ahead.
Xpring MD Dan Aranda, in a talk with Clem Chambers, spoke about the relationship Ripple has with payment providers. While talking about XRP as a digital asset, he spoke about the various on-ramps into the digital asset.
In a recent interview with Yahoo Finance, Cory Johnson, Chief Market Strategist for Ripple has discussed why there is such a ‘religious style’ culture surrounding Ripple and Ripple XRP.
The essence of it is simple, Johnson believes that Ripple XRP is not a cryptocurrency, it is a crypto 2.
SBI Holdings announced that its newly released digital asset exchange — SBI Virtual Currencies — will use XRP as the only digital asset supported at launch.
The post SBI Virtual Currencies to Exclusively List XRP at Launch appeared first on Ripple.
Since 2012, XRP has been the only digital asset with a clear institutional use case by working to solve the multi-trillion dollar liquidity problem that plagues banks, payment providers and corporates worldwide.
Much of the public discussion about digital assets today revolves around price. Companies hope for a pop on an initial offering to raise funds, investors seek to ride an asset for a long-term payday, or consumers try to time market moves for a quick buck.
The situation involving Ripple’s native XRP asset is evolving rather slowly. More specifically, people want to know whether or not this is effectively a security. With the Ethereum situation now clarified, one can only hope more information regarding Ripple in the coming days and weeks.
Since the announcement of a partnership between Western Union, the global money transfer service and Ripple, which saw Western Union pilot and test Ripple’s xRapid, rumours have been rife on the topic of XRP being used as a viable currency within Western Unions international money transfer service.
Renowned trader and market commentator Jacob Canfield (@JacobCanfield) has identified XRP as the standout performer among altcoins, sharing a price chart on X that underscores the token’s recent momentum.
Analysts continue to believe in the potential price surge of XRP, predicting that it is still feasible that the crypto will hit the $3 mark. Related Reading: No Sweat! Dogecoin Will Hit $5 ‘Very Easy’ In 2025 – Analyst A market observer even claimed that XRP is on track for a massive price rally in the ongoing digital asset bull market as many cryptocurrencies are hitting all-time highs due to the positive outlook on the industry.
The XRP price recently surged to a three-year high of $1. 6, marking a significant milestone in the cryptocurrency’s recent bullish rally. This remarkable price movement has garnered the attention of many analysts as investors continue to project the trajectory of the price.
Crypto analyst Dark Defender (@DefendDark) has issued a bullish forecast for XRP, projecting a price surge above $5. 85 based on a confluence of technical indicators and chart patterns. Despite recent market stagnation, the analyst highlights several key factors—including the application of Elliott Wave theory—that suggest a significant upward movement is imminent.
On-chain data shows the XRP whales have been making deposits to exchanges recently, something that could be bearish for the asset’s price. XRP Whales Have Made Several Large Moves In The Past Day According to data from the cryptocurrency transaction tracker service Whale Alert, several large moves have been spotted on the XRP network during the past day.
On-chain data shows the total number of sharks and whales on the XRP network has seen a sharp increase recently, a sign that could be bullish for the asset’s price. XRP Sharks & Whales Have Witnessed Their Count Go Up Recently According to data from the on-chain analytics firm Santiment, the shark and whale wallets have registered a notable jump over the past five weeks.
On-chain data shows the XRP whales have participated in a large accumulation in the past week, which could be bullish for the asset’s price. XRP Whales Bought More Than 140 Million Tokens Over The Past Week As explained by analyst Ali Martinez in a new post on X, the XRP whales have increased their supply share recently.