XRP has continued its positive momentum throughout July, seeking to surpass the $0.50 mark after experiencing a significant surge in price volatility. The cryptocurrency ended June on a bearish note, registering an 8.46% decline and closing below the psychological $0.50 threshold at $0.47. However, the start of July has brought renewed bullishness, with XRP striving to reclaim $0.50 as volatility levels soar.
Throughout June, the ongoing SEC vs. Ripple lawsuit updates created periodic shifts in market sentiment, causing price fluctuations for XRP. The cryptocurrency reached a low of $0.4493 and a high of $0.5658 during this period.
Optimistic XRP investors are eagerly anticipating a favorable ruling on the SEC lawsuit, which has contributed to a resurgence of investor confidence and helped XRP recover some of its losses from the previous month. As a result, XRP has witnessed three consecutive winning sessions in July.
XRP Targets $0.50 Amid Ambitious Rebound, Capitalizing on Increased Volatility
With a renewed sense of ambition, XRP is striving to reclaim the $0.50 level and utilize it as a launchpad for further gains. The cryptocurrency surged to a weekly high of $0.4961 on July 2, driven by this aspiration. However, resistance from bears hindered additional upward movement.
Despite the subsequent decline, XRP closed July 2 with a notable 2.39% increase, marking its highest intraday gain in over three weeks. It’s worth noting that the decline in XRP’s value towards the end of June coincided with a decrease in volatility. However, volatility has now picked up as the recovery campaign gains momentum.
Volatility plays a significant role in influencing XRP’s price due to its impact on market dynamics. Higher volatility tends to attract speculative traders and investors who seek to capitalize on short-term price fluctuations.
This surge in volatility presents trading opportunities as pronounced price swings become more prominent. Traders who thrive on volatility may enter the market, generating increased trading activity. Such heightened demand can exert upward pressure on XRP’s price.
Mixed Sentiments Surround XRP Despite Winning Streak
Despite the ongoing winning streak, the current price position of XRP reflects mixed sentiments in the market. A notable event was XRP’s retest of the 200-day EMA ($0.4567) on June 30. The successful bounce off this significant level of support indicated strong buying interest and investor confidence.
Currently trading at $0.4886, XRP has managed to stay above the 200-day EMA, suggesting a prevailing bullish sentiment and potential support for further upward price momentum.
However, it’s important to note that XRP’s position above the 50-day EMA ($0.4855) is narrowing. This indicates a potential convergence between short-term and long-term price trends, suggesting a possible slowdown in bullish momentum. It could indicate an upcoming period of consolidation or even a potential reversal in the price direction.