{"id":632745,"date":"2024-08-02T04:00:39","date_gmt":"2024-08-02T04:00:39","guid":{"rendered":"https:\/\/wncen.com\/?p=632745"},"modified":"2024-08-01T19:52:27","modified_gmt":"2024-08-01T19:52:27","slug":"xrp-price-slides-10-amid-rising-on-chain-activity-and-whale-transactions-key-supports-in-focus","status":"publish","type":"post","link":"https:\/\/wncen.com\/xrp-news\/xrp-price-slides-10-amid-rising-on-chain-activity-and-whale-transactions-key-supports-in-focus\/","title":{"rendered":"XRP Price Slides 10% Amid Rising On-Chain Activity And Whale Transactions; Key Supports In Focus"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The XRP price has seen significant volatility on Thursday, mirroring the broader <\/span><a href=\"https:\/\/wncen.com\/xrp-news\/xrp-shark-whale-population-sharply-growing\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">market downturn<\/span><\/a><span style=\"font-weight: 400\">. After a strong performance in July, which saw XRP outperform even Bitcoin with a gain of over 35%, the token has now dropped nearly 10% in the last 24 hours.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Analysts Bullish On Long-Term Price Targets<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Market intelligence platform Santiment, has highlighted the performance of XRP&#8217;s blockchain ecosystem, the XRP Ledger (XRPL), despite this recent price drop. <\/span><span style=\"font-weight: 400\">The platform <\/span><a href=\"https:\/\/x.com\/santimentfeed\/status\/49450431\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">attributes <\/span><\/a><span style=\"font-weight: 400\">this success to heightened on-chain activity, major whale transactions, and significant network growth that propelled XRP&#8217;s 35% monthly surge during July.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">This comes as Ripple, the payment network associated with XRP, <\/span><a href=\"https:\/\/ripple.com\/ripple-press\/openeden-introduces-tokenized-us-treasury-bills-onto-the-xrp-ledger\/?utm_campaign=\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">announced <\/span><\/a><span style=\"font-weight: 400\">on Thursday a substantial allocation of $10 million towards a tokenized version of US Treasury bills (T-bills) on the XRP Ledger, contributing to the bullish sentiment surrounding the token.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-third-retest-support-analyst-alarm\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Makes Third Retest Of Historical Support, Analyst Sounds Alarm<\/a><\/div>\n<p><span style=\"font-weight: 400\">In light of this latest announcement, analysts remain divided on the short-term and long-term outlook for the XRP price. However, there is enough bullishness for the token to resume the <\/span><a href=\"https:\/\/wncen.com\/news\/ripple\/xrp-skyrocket-21000-to-over-150\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">uptrend <\/span><\/a><span style=\"font-weight: 400\">it has been on for the past month.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Some, such as crypto analyst &#8220;XRP Captain,&#8221; <\/span><a href=\"https:\/\/x.com\/UniverseTwenty\/status\/10107699\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">believe <\/span><\/a><span style=\"font-weight: 400\">the token could eventually reach as high as $482.48 based on the $27 trillion US Treasury bill market that Ripple is aiming to participate in. This would represent a significant 790x increase from current levels.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Similarly, analyst Mikybull has <\/span><a href=\"https:\/\/x.com\/MikybullCrypto\/status\/12381808\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">outlined <\/span><\/a><span style=\"font-weight: 400\">both short and long-term price targets for the XRP price. In the immediate future, targets range from $2.5 to $3.5, while the long-term outlook suggests figures starting from $25 and potentially soaring higher, based on his analysis.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Mikybull noted in his latest social media post on X (formerly Twitter) that the 2-month XRP\/USD chart is &#8220;looking crazily primed to rip upward.&#8221;\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400\">XRP Price At Crossroads<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Despite these optimistic projections, the XRP price faces a critical juncture. Key support levels must withstand pressure to facilitate a resumption of the positive momentum witnessed in July.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Currently priced at $0.5739, XRP&#8217;s first major support rests at $0.5650 on the daily chart. A breach of this level could lead to a <\/span><a href=\"https:\/\/wncen.com\/xrp-news\/xrp-ll-all-time-high-if-this-resistance-breaks\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">sharper downturn<\/span><\/a><span style=\"font-weight: 400\"> towards $0.5657 and potentially down to $0.5400, a crucial support level in the near term.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/new-memecoin-sensation-neiro-hits-200-million-market-cap-in-four-days\/\" target=\"_blank\" rel=\"noopener \">New Memecoin Sensation Neiro Hits $200 Million Market Cap In Four Days<\/a><\/div>\n<p><span style=\"font-weight: 400\">Of particular importance is the $0.5400 level, which aligns with the 200-day exponential moving average (EMA). XRP traded below this for the past four months before successfully breaking through, leading to the 35% gains recorded in July.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Ultimately, XRP&#8217;s ability to hold above these <\/span><a href=\"https:\/\/wncen.com\/xrp-news\/xrp-price-jumps-as-ripple-leadership-blasts-secs-hypocritical-crypto-regulation\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">critical levels<\/span><\/a><span style=\"font-weight: 400\"> will be key in determining the coin&#8217;s near-term trajectory, especially as the current downtrend continues at the time of writing.<\/span><\/p>\n<figure style=\"width: 1814px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large\" src=\"https:\/\/www.tradingview.com\/x\/xX5tHwfq\/\" alt=\"XRP price\" width=\"1814\" height=\"858\"><figcaption class=\"wp-caption-text\">The 1 day chart shows XRP&#8217;s price trending downwards. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/7W2R5XTA\/\" target=\"_blank\" rel=\"noopener nofollow\">XRPUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">Featured image from DALL-E, chart from TradingView.com <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The XRP price has seen significant volatility on Thursday, mirroring the broader market downturn. After a strong performance in July, which saw XRP outperform even Bitcoin with a gain of over 35%, the token has now dropped nearly 10% in the last 24 hours. Analysts Bullish On Long-Term Price Targets Market intelligence platform Santiment, has highlighted the performance of XRP&#8217;s blockchain ecosystem, the XRP Ledger (XRPL), despite this recent price drop. The platform attributes this success to heightened on-chain activity, major whale transactions, and significant network growth that propelled XRP&#8217;s 35% monthly surge during July.\u00a0 This comes as Ripple, the payment network associated with XRP, announced on Thursday a substantial allocation of $10 million towards a tokenized version of US Treasury bills (T-bills) on the XRP Ledger, contributing to the bullish sentiment surrounding the token.\u00a0 Related Reading: Bitcoin Makes Third Retest Of Historical Support, Analyst Sounds Alarm In light of this latest announcement, analysts remain divided on the short-term and long-term outlook for the XRP price. However, there is enough bullishness for the token to resume the uptrend it has been on for the past month.\u00a0 Some, such as crypto analyst &#8220;XRP Captain,&#8221; believe the token could eventually reach as high as $482.48 based on the $27 trillion US Treasury bill market that Ripple is aiming to participate in. This would represent a significant 790x increase from current levels. Similarly, analyst Mikybull has outlined both short and long-term price targets for the XRP price. In the immediate future, targets range from $2.5 to $3.5, while the long-term outlook suggests figures starting from $25 and potentially soaring higher, based on his analysis.\u00a0 Mikybull noted in his latest social media post on X (formerly Twitter) that the 2-month XRP\/USD chart is &#8220;looking crazily primed to rip upward.&#8221;\u00a0 XRP Price At Crossroads Despite these optimistic projections, the XRP price faces a critical juncture. Key support levels must withstand pressure to facilitate a resumption of the positive momentum witnessed in July.\u00a0 Currently priced at $0.5739, XRP&#8217;s first major support rests at $0.5650 on the daily chart. A breach of this level could lead to a sharper downturn towards $0.5657 and potentially down to $0.5400, a crucial support level in the near term. Related Reading: New Memecoin Sensation Neiro Hits $200 Million Market Cap In Four Days Of particular importance is the $0.5400 level, which aligns with the 200-day exponential moving average (EMA). XRP traded below this for the past four months before successfully breaking through, leading to the 35% gains recorded in July.\u00a0 Ultimately, XRP&#8217;s ability to hold above these critical levels will be key in determining the coin&#8217;s near-term trajectory, especially as the current downtrend continues at the time of writing. Featured image from DALL-E, chart from TradingView.com<\/p>\n","protected":false},"author":589,"featured_media":632748,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[89561],"tags":[6664,14690,1558,3680,84758,89991,13172,15883,15621,89423,10972,78763],"class_list":["post-632745","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-xrp-news","tag-crypto","tag-crypto-news","tag-cryptocurrency","tag-ripple","tag-xrp-ledger","tag-xrp-ledger-news","tag-xrp-price","tag-xrp-price-analysis","tag-xrp-price-chart","tag-xrp-price-news","tag-xrpusd","tag-xrpusdt"],"acf":[],"yoast_head":"\n<title>XRP Price Slides 10% Amid Rising On-Chain Activity And Whale Transactions; Key Supports In Focus<\/title>\n<meta name=\"description\" content=\"The XRP price has seen significant volatility on Thursday, mirroring the broader market downturn, after a strong performance in July.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/xrp-news\/xrp-price-slides-10-amid-rising-on-chain-activity-and-whale-transactions-key-supports-in-focus\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"XRP Price Slides 10% Amid Rising On-Chain Activity And Whale Transactions; 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