Despite high expectations, XRP's price remains stagnant near the $2 mark. Experts point to several factors limiting its growth.
Market Sentiment and Liquidity Constraints
Financial analysts like Austin Hilton highlight the market's current disinterest, which slows XRP's price movement. Many investors have opted to stay on the sidelines, waiting for significant developments before re-entering the market. While institutional investors continue to accumulate XRP, this has yet to lead to significant market reactions.
Seasonal Slowdown in Crypto Activity
Another key factor affecting XRP's price is the seasonal nature of crypto trading. Summer months traditionally see lower trading volume as traders and investors shift focus to personal activities. Historical data indicates that May through July typically involves reduced trading activity.
Key Resistance and Support Levels
Currently, XRP faces strong resistance at the $2.60 and $2.80 levels. Support exists at $2.24 and $2.30. Without a surge in trading volume and significant buy pressure, it will be challenging to overcome these barriers.
While XRP's short-term growth prospects are limited, expert opinion suggests long-term potential may be realistic with regulatory changes and increased institutional interest.
