The recent drop in XRP's price raises discussions about the end of the ongoing rally. However, analysts note that this may be a temporary correction.
Current Price and Technical Analysis
As of the latest analysis, XRP's price hovered around $3.44, indicating a decline of about 3% over the day. Nevertheless, despite this drop, XRP remains significantly above critical support levels. Current market conditions suggest a possible short-term pause after a significant rally.
Transaction Data and Demand
On July 21, the number of transactions on the XRP network exceeded 1.35 million. This data supports the ongoing demand for the asset and its applicability, which is a positive sign despite the small price decrease at this time.
Prospects for Further Growth
According to the current analysis, resistance in the price range above $3.70 is minimal, and potential movement towards the $5.00 mark may occur upon clearing key levels. Although the short-term correction of XRP is generally regarded as a normal market reaction, the digital asset demonstrates resilient structural indicators for further growth.
Thus, the current decline in XRP's price can be seen as a temporary correction rather than an end to the rally. Strong blockchain metrics and a stable price structure indicate the potential for recovery and further growth in the future.
