XRP experienced a significant increase of over 13% within the first three days of July, rising from approximately $1.03 to around $1.18. This surge is largely attributed to positive developments regarding the CLARITY Act in the U.S. Senate, which enhanced investor sentiment regarding XRP's regulatory future.
The cryptocurrency market as a whole witnessed recovery during this period, with the total market capitalization climbing by 0.86% to reach $2.18 trillion. Bitcoin surpassed $62,000 and Ethereum rose above $1,700, contributing to the overall market's positive momentum.
Job Data Impact on Market Trends
The economic landscape also played a role in XRP's price movement, as weaker U.S. jobs data revealed an addition of only 57,000 jobs in June, considerably below the anticipated 110,000 jobs. This information has led to expectations for more lenient monetary policies, further supporting a rally in cryptocurrencies.
XRP Technical Analysis
Analyst ChartNerd has highlighted a long-term bullish technical formation in XRP’s price chart, indicating the presence of an 8.5-year cup and handle pattern. He cautioned that overlooking XRP as it nears the $1 mark could result in missed opportunities. If the current Fibonacci support levels hold, it may pave the way for challenges to key resistance levels, with price targets set at $8, $13, and $27 based on Fibonacci extensions.
Increased ETF Interest and Inflows
During the same period, XRP-related funds recorded daily inflows of $6.55 million, bringing total inflows to $1.49 billion, with net assets at approximately $987.91 million. Spot Bitcoin ETFs regained upward momentum with net inflows of $221.72 million, reversing a streak of ten consecutive days of outflows. Ethereum spot ETFs also saw additions of $29.08 million in net inflows as of the same date.
Historical data shows that July has traditionally been a profitable month for XRP, with an average gain of 10.4% recorded since 2013, and significant growth achieved in previous years, including a 48% increase in July 2020.
As of early July, XRP was trading at approximately $1.1714, with the Relative Strength Index (RSI) noted at 79.91, indicating that the token was approaching overbought territory.
