XRP crypto eyes rally as price breaks $2.34 level: Is a $6 rally next?
If XRP manages to stay above $2.34, a rally toward $6 is possible, says Arthur Azizov of B2 Ventures.
XRP has been trading within its current range since December. However, the token may be positioning for a major rally. On Wednesday, July 9, it reached a monthly high of $2.40 and managed to sustain its momentum even after a brief correction, trading at $2.37.
Arthur Azizov, founder and investor at B2 Ventures, believes that if XRP holds a key support level, it could push to new highs, potentially even record territory. The first major resistance, he noted, lies at $2.65.
“XRP is currently trading near a key level. If the price manages to hold above $2.34 and stays above this mark, it is likely to move towards a new high around $2.65,” Arthur Azizov, B2 Ventures.
Currently, XRP traders are accumulating tokens, but the price has remained relatively stable. Azizov attributes this to XRP’s tendency to move independently of broader market dynamics. Despite that, the overall outlook for the token is bullish.
“Since XRP has been in accumulation for quite a long time, the outlook remains positive. Most likely, the breakout will be to the upside, with targets in the $4–6 range,” Arthur Azizov, B2 Ventures.
XRP crypto fundamentals remain strong: Azizov
A move above $3.84 would mark a new all-time high for XRP, last reached in January 2018. Several fundamental factors may now support such a move.
For one, XRP has expanded its partnerships with major institutions. Additionally, a growing number of XRP-focused ETF applications have been filed in the U.S., signaling investor anticipation of increased demand.
Its largest ETF, the Teucrium 2x Long Daily XRP, saw its biggest weekly inflows since launch, registering at $158 million in July.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
UBS Sees Buying Opportunity After Tech Stock Plunge: Market Underestimates AI Supercycle, Inflection Point for Returns May Come in 2027
UBS stated that after the recent AI pullback, the valuation of hyperscale data centers appears attractive, as the market expects the AI cycle to be shorter than it actually will be. Hyperscale data center operators may soon enter a phase where their significant investments in artificial intelligence begin to pay off. Gerry Fowler, UBS's Chief European Equity Strategist and Head of Derivatives, believes that a turning point may occur in 2027.
U.S. Stocks Preview | Three Major Index Futures Rise, WTI Crude Falls Below $100, Midterm Elections, Apple Earnings, and Nonfarm Payrolls All Coming This Week
On November 2 (Monday), before the US stock market opened, futures for the three major US stock indexes all rose.
UK factory output posts strongest growth in over two years! Cost pressures are rising again, further reinforcing the Bank of England's rate hike path this week
Orders and production in the UK are recovering at an accelerating pace, but rising input costs and stagnant hiring mean that improved demand has not yet smoothly translated into business profits and employment growth.
Acquisition rumors of Global Payments spark valuation discussions! "Big Short" Burry: The real opportunity lies in Fiserv (FISV.US) and PayPal (PYPL.US)
Burry believes Fiserv has a potential acquisition price of $100 to $120, offering an upside of 100% to 140% from the current price. He reiterates that PayPal is a "good pitch," while questioning the acquisition value of Global Payments.
Crypto prices
More
