XRP Price Analysis: Ripple’s 150M Sell-Off Could Halt XRP’s 70% Rally

XRP Price Performance This Week: Key Catalysts and Market Analysis

This week, XRP has experienced notable price movements, reflecting a mix of internal and external factors influencing its market behavior. The cryptocurrency started the week with significant gains, reaching a high of $0.63on July 18, before undergoing a correction to around $0.5933 by July 20.

XRP Price Holds $0.60 Despite Ripple’s 150M Sale

A major internal catalyst for XRP price action this week has been Ripple’s recent activity with its reserves. Ripple sold 150 million XRP from its July reserves, adding to the overall supply in the market.

This sale follows Ripple’s historical pattern of offloading XRP reserves monthly, which often creates supply pressure and impacts the token’s price negatively.

Despite the sales, XRP’s price managed to hold relatively steady. As seen above XRP price had climbed as high at $0.63 on July 17, before retracing 7% toward the $0.59 level at the time of writing on July 20. This suggesting strong market demand or other balancing factors at play​.

Externally, the overall cryptocurrency market sentiment has influenced XRP’s price. Positive developments in the broader crypto space, such as Bitcoin and the US SEC’s recent nod for Ethereum ETFs official listing , have also indirectly supported XRP’s price stability.

XRP Price Forecast: $0.60 Support At Risk

The XRP market has shown notable volatility over the past week, with significant price fluctuations observed. After peaking at $0.6048 on July 20, 2024, XRP is currently trading at $0.5917. The technical indicators suggest a cautious outlook as the price tests key support levels.

The Parabolic SAR (Stop and Reverse) indicator is currently positioned at $0.4661, signaling a strong upward momentum over the past weeks. However, the recent decline from the peak indicates potential vulnerability. If the price fails to maintain above the $0.60 mark, we might see a further dip towards the next support level at $0.55.

The Accumulation/Distribution Line (ADL) stands at 1,517.24, reflecting a steady accumulation of XRP. This indicator suggests that despite the price drop, there is underlying buying interest that might support the price in the near term.

Traders should watch the $0.60 level closely, as a break below could signal a shift in market sentiment. The price action in the coming days will be crucial in determining whether XRP can sustain its upward trend or if a correction is imminent before end of July 2024.

Resistance levels to watch are at $0.63, followed by a more substantial barrier at $0.65. On the downside, support is expected at $0.55, with the critical level being the Parabolic SAR at $0.4661.