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Warning: XRP Price Could Temporarily Dip To $2.65 By August, But Fundamentals Remain Strong
XRP price recently dipped, erasing its gains since mid-July. In the last 24 hours, the token’s value dropped by over 13% from $3.51 to $3.05 by 6:00 AM Thursday (UTC).
The event also led to XRP’s market cap falling from $207 million to $180 million. Meanwhile, the volatility wiped out over $98.22 million trades in the market, with long positions accounting for 94.31% of the liquidations.
The 14-day Relative Strength Index (RSI) of XRP has blown past the overbought level since the second week of July. Hence, the current pullback is just the market taking a breather from all the upward momentum as some investors secured their profits.
ADVERTISEMENTWhat was surprising, though, was how it held on for an extensive period within that zone before the eventual correction. This only serves as an indication of the super bullish sentiment of a majority of investors and strong community support for XRP.
Some popular technical analysts like the pseudonymous Egrag Crypto warn that XRP may be due for another journey to the $2.65 mark by the ghost month of August. However, it could only be the “last shake up” in the charts before an exponential climb to new heights during the seasonal Uptober event in October.
The arrival of the altcoin season could speed things up for its significant recovery and momentum build-up to new all-time highs, too.
ADVERTISEMENT## Market Sentiment Remains High
Despite the market turbulence, the current readings of the Crypto Fear and Greed Index on popular platforms like Alternative and CoinMarketCap are within the “Greed” territory at 71 and 67, respectively. The numbers indicate that market sentiment remains high amid expectations of Bitcoin’s (BTC) push to another all-time high, followed by the arrival of the altcoin season once the premier crypto asset exhausts its momentum.
These scenarios could delay the major correction and extend XRP’s bullish momentum. Nonetheless, analysts strongly advise investors and the XRP Army to be more vigilant in their trades by doing their own research and exercising due diligence in the ensuing market fluctuations.
HODL Until 2030
Some analysts believe that those who HODL (hold on for dear life) in their XRP investments until 2030 could be heavily rewarded. At that time, Ripple will most likely have accelerated its master plan for the XRP Ledger (XRPL).
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