After a volatile period, XRP finds itself at a critical juncture. Recent losses in market capitalization have seen it drop out of the top 3 cryptocurrencies. Analysts are closely watching whether the native token can regain bullish momentum and break through resistance levels.
The potential for a move toward $2.92 as a key inflection point is discussed, however, many analysts note this zone also presents a risk of price rejection. Trader CrediBULL Crypto expressed caution about the possibility of downside liquidity hunting due to Ethereum weakness.
While some analysts predict a more ambitious target of $7–$8, others highlight a cautious outlook based on recent trading data and XRP’s overall performance. The XRP Ledger finished Q2 2023 with record tokenized real-world assets (RWAs), driven by major firms like Guggenheim and Ondo. Ripple’s RLUSD stablecoin also experienced significant growth, but daily transactions and active addresses have declined.
Adding to the speculation, former U.S. Senate candidate John E. Deaton believes ETF inflows could significantly impact XRP’s future. With several pending SEC filings, including Amplify ETFs’ application for a Monthly Option Income product, there is growing optimism regarding potential institutional investment.
Market outlook remains volatile. Despite recent losses, XRP has shown significant year-on-year gains. While trading volume remains robust at $4.78 billion, its market capitalization has fallen to $162.4 billion and currently sits behind Tether’s USDT in the rankings.