XRP price gained momentum on Wednesday as improving crypto sentiment supported another recovery attempt. The token extended its weekly advance while traders monitored rising XRP Ledger activity, institutional fund inflows, and key technical resistance levels.
As of press time, XRP is trading at $1.15, showing an uptick of 0.35% in the past 24 hours. CoinMarketCap data shows that the trading volume is currently standing at $1.31 billion, down 7.25%. The token has gained 2.46% over the last seven days.
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XRP Price Faces a Make-or-Break Test at $1.20
XRP price faces a technical test near $1.20. Analyst CasiTrades highlighted that the existing bearish Elliott Wave structure is valid. According to the current wave pattern, XRP cannot set new highs above $1.20.
The rally tested the 0.854 level of Fibonacci retracement at $1.16. It was viewed as a valid correction of Wave 2. XRP price also tested the $1.164 level in the process. It formed a part of the analyst’s purple scenario.
Bearish RSI divergences on different degrees were formed in the rally, according to the analyst. They marked a top in the given scenario. Downward momentum needs further validation for that.
In case of decline in the XRP price, analysts anticipate the focus to turn to lower support levels. Analysts pointed out $0.93 and $0.87 as the nearest downside levels.
A move above $1.20 would invalidate the current bearish structure of XRP price in a purple count. The XRP price must need to clear the resistance at $1.30 to invalidate the separate C-wave structure. Both upward moves are required before a larger reversal gains support.
The key macro resistance to the XRP price is set at $1.65 by CasiTrades. An approach to this level could question the bearish sentiment. Until then, the mentioned barriers stay the key for the analysis.
What Is Driving Agentic Transaction Growth on XRP Ledger?
The network activity became another subject of interest since XRP Ledger managed to record one million agentic transactions. The figure accounts for the number of artificial intelligence payment systems. They follow the instructions from autonomous agents, which execute all their actions according to them.
The RippleX engineering leaders are expecting to record 100 million in two years. The forecast presupposes the building of additional infrastructure. It proves the increasing popularity of the networks that manage the fast and cheap automated transactions.
However, higher dynamics do not imply a growth in XRP price or stable demand from investors. They continue monitoring adoption rates, development activity, and liquidity. Continuous usage of agent-based payments is another factor of network development.
Why Did Franklin XRPZ Capture All XRP ETF Inflows?
According to SoSoValue data, the XRP price rise followed the $5.66 million daily net inflow into exchange-traded funds on July 21. Franklin XRPZ accounted for the entire inflow, while no other listed product received fresh capital. Cumulative net inflow reached $1.49 billion.
The aggregate volume of trades across all funds was $19.16 million. Net assets were valued at $1.06 billion, which constituted 1.48% of XRP market capitalization. Bitwise had the largest product with net assets of $333.50 million. Investor interest stayed optimistic during the session.
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This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
