XRP's price rebounded more than 3.40% after a sharp drop to $2.90. We discuss the reasons for the fluctuations and future forecasts.
XRP Price Recovery
After a sharp decline to $2.90 recorded during the cryptocurrency options expiry on August 1, the price of XRP began to rebound. At the time of writing, XRP was trading at $2.93, representing a 2% drop from previous levels.
Current Situation and Analyst Predictions
Current analysis shows that XRP remains in a profit-booking phase after reaching an all-time high of $3.65 in mid-July. Analysts note that XRP's dominance in the market is still positive, exceeding 4.5%. In a recent report, researcher Egrag Crypto stated that XRP has broken significant levels, which may lead to further growth. Key levels for potential growth are predicted to be $2.65, $2.30, and $1.80.
Factors Influencing XRP and ETF Situation
The lack of clarity in the Ripple vs. SEC case continues to affect the market. Experts predict a 90% chance that the SEC will approve an XRP ETF by mid-October. A successful application could result in a significant price increase due to institutional investor interest. Former SEC lawyer Marc Fagel noted that a vote is necessary for the lawsuit's dismissal, which will also affect market sentiments.
Current trends in the XRP market highlight the importance of monitoring key levels and events related to SEC decisions. Investors should closely follow developments to assess market opportunities.
