Price Forecast for XRP July: Is Ripple Token Safe to Buy Right Now?

ripple price forecast july 2022

On Tuesday, Ripple (XRP), continued its downward trend as the recent rise in cryptocurrency prices waned. Ripple fell temporarily to US$0.3265, the lowest price since July 14, 2015. The price of Ripple has increased by approximately a cent to 0.336 USD dollars. The XRP price increased by more than 13% last week, bringing the market capitalisation to 16.25 billion US Dollars.

Selling off shares and cryptocurrencies

The XRP value has dropped sharply, as have the prices for most other cryptocurrencies. Yesterday, Bitcoin was below US$21,000 and Ethereum below US$1,400. Although prices are slightly higher this morning, they remain well below the levels of last week.

The crypto market’s current sell-off is reminiscent of the American stock exchange, where many companies release quarterly results that don’t inspire much optimism. This is especially true for the crypto sector. To get more cash, Tesla revealed that it sold the majority of its Bitcoins during the second quarter.

Walmart and JP Morgan have posted weak earnings, which has pushed down the Dow Jones 100 and Nasdaq 100 indexes. Bitcoin has shown a strong correlation with American indices in recent months.

Investors are also watching the Federal Reserve’s interest rate decision closely. This is causing XRP to fall. Analysts predict that the US Federal Reserve will raise the benchmark interest rate another 0.75% in an effort to curb rising inflation.

Ripple also closed additional deals in order to build its RippleNet platform. The company announced on Monday that it had signed an agreement of partnership with FOMOPay, a Singapore-based business. This partnership will enable the payment service to have access to Ripple’s liquid assets, as part of its ODL service that allows cross-border transactions to be executed faster. FOMO Pay’s CEO shared the following statement:

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“We are happy to partner with Ripple in order to use On-Demand liquidity for treasury management. This allows for affordable and immediate settlement in EUR or USD worldwide.

Ripple’s ODL services are also used by Tranglo, iRemit and SBI Remit. This allows the companies to offer faster transfers for a lower price.

Forecast for XRP Prices

The chart shows that the XRP prices reached a record high of US$0.3815 in the last week. This was the highest price since 25 juin.

The coin is now below the moving averages for the past 25 and 50 days. This indicates that the bears now have control. XRP also retested and surpassed the important descending trendline shown in blue.

The Relative Strength Index has also fallen below the oversold territory. The coin is expected to continue falling as sellers aim for the next support level at US$0.300. This is approximately 8% below the current levels.

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