XRP Price Dynamics and Market Outlook
XRP’s price dropped 44%, falling from its multi-year high of $3.66 on July 18 to around $2.43. Previously, it reached a peak of $3.66 and struggled with sideways movement afterward.
Current Market Sentiment
The overall outlook for XRP remains bullish, with some analysts predicting a potential surge to $30. Bullish catalysts include possible approval of spot XRP ETFs in the United States.
Technical Analysis
On the monthly chart, XRP is consolidating within a symmetrical triangle, indicating the possibility of another bullish impulse. Analyst Egrag Crypto advised followers not to be discouraged by stagnant price action, comparing this phase to previous cycles where prices dropped to form new distribution levels before major breakouts.
"XRP’s price action is similar to past cycles, where the price drops to create new levels for distribution before a major breakout." — Egrag Crypto
Charts reveal that after nearly 50% retracements in 2017 and 2020, XRP's price recovered with significant bullish monthly candles.
Market Observation by Other Analysts
Analyst XForceGlobal notes that despite minor inefficiencies on lower time frames, the macro chart shows ongoing accumulation and a stable price floor following almost a year of distribution. The phase of distribution is expected to continue until Wave 2 completes, setting the stage for a substantial upward movement in Wave 3.
Additional Information
Related news mentions XRP lawyer running for a US Senate seat in 2026.
**Author's summary:** XRP remains bullish with potential for significant gains, supported by technical patterns and regulatory prospects, despite recent sideways price consolidation.
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