The XRP price has been making constant waves over the past few days, highlighting increasing volatility for the altcoin in the crypto market. With a listing price of $2.23 and a market capitalization of $131.96 billion, it has maintained its dominance as the third-largest crypto asset with a market share of 3.9028%.
However, the XRP price recorded a slightly negative trend following the 400 million token lock announcement Ripple. This resulted in the XRP crypto dropping to a low of $2.15 during the mid-day session. On the positive note, the bulls made a comeback later today as the price is now up by 1% despite witnessing a 41.5% cut in its daily trading volume.
On the other hand, tomorrow that is, July 3 is considered to be an important date for Ripple Labs as the SEC vs. XRP lawsuit could witness a major update. While the Securities and Exchange Commission (SEC) claims to to be a routine Thursday meeting, the CEO of Ripple, Brad Garlinghouse, confirmed the removal of cross-appeal.
Considering the market sentiments, will the ongoing conditions act as a catalyst for the altcoin to reclaim its multi-month high soon? Let us now examine the realistic XRP price prediction for the upcoming time.
XRP Derivatives Hint At Positive Price Action
When looking at the latest data by CoinGlass, the chart shows a 46.10% drop in volume to 4.76 billion while the open interest increases by 0.40% to 4.31 billion. This trend suggests a neutral price action. Additionally, the options volume rose by 45.78% whereas the options open interest rose by 9.51%, highlighting increasing market activity.
By evaluating the second column, the 24h long/short ratio is 0.9643, hinting at a stable sentiment. Overall, the market trend suggests a potential retest toward the higher price targets despite uncertain hurdles that are visible in the shorter time frames.
The XRP price has formed a triangle pattern and is currently hovering close to its key support level of $2.14. Notably, the pattern was formed during the month of May and the XRP crypto has been trading within it since then. Furthermore, it has formed a strong resistance zone around the $2.4 mark and a similar support zone around the $2 mark.
These test zones act as a major watch zone for the altcoin as if the XRP coin price breaks either of the zones, it could experience a major price action within a small period.
The Relative Strength Index (RSI) indicator is fairly neutral as it is currently valued at 50.56, just over its midpoint in the daily time frame. With the average trend acting as a support, the XRP token could display a sustained positive action in the coming days.
A positive retest at $2.14 could result in the XRP crypto price breaching its resistance of the triangle pattern and heading toward its $2.31 mark. Sustained bullish action at that point could lead in it moving toward its important test zone of $2.40
Under an optimistic outlook, XRP price could easily surpass the $2.50 mark if a positive development is recorded during the SEC meeting, as expected by market analysts. On the contrary, a bearish action could result in the XRP token dropping toward its low of $2.14 or $2, respectively.
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