XRP has experienced significant price growth in July, trading at around $3.57 after peaking at $3.64, levels not seen since its last bull cycle. The token has shown an increase of more than 3 percent this week, leading a new wave of altcoin momentum across the cryptocurrency market.
The current rally is largely fueled by recent bipartisan legislation in Washington that establishes clearer frameworks for stablecoins and defines the classification of tokens, allowing altcoins like XRP to gain traction. As Bitcoin’s momentum slows, investors are increasingly shifting their focus toward XRP, which has demonstrated robust movement.
Technical analysts observe that XRP is currently consolidating between the price range of $3.60 and $3.65, which is an important resistance zone. A breakthrough in this area could potentially lead to substantial gains, with noted analyst Peter Brandt predicting a 24 percent rise that could take XRP’s price up to around $4.47.
The driving force behind XRP’s current momentum is its real-world utility in financial applications, such as payments and cross-border settlements. Ripple, the company behind XRP, continues to establish partnerships across Asia, Latin America, and Europe, enhancing the token’s relevance as legal uncertainties begin to dissipate in the U.S.
As enthusiasm for altcoins grows, XRP is positioning itself as a bellwether for large-cap tokens with solid fundamentals and a clearer legal landscape. As traders navigate the market, a critical price point to watch for XRP is the $3.65 level. A sustained move past this mark could signal a quick ascent beyond $4, while failure to overcome this resistance may result in a temporary setback.
Overall, XRP is emerging from its prior legal challenges and is being recognized as a serious player in the financial infrastructure landscape. With institutional confidence returning, it is poised to lead the charge in this phase of the crypto cycle.
At the time of this report, XRP is valued at approximately $3.6035.