XRP is down nearly 30% from its Ripple-led peak. Is the bull run over?
For instance, XRP's price climbed 75% on July 13 but was unable to extend its gains above $1. Since then, the token's price has fallen by 28%. On the other hand, the U.S. dollar index bounced nearly 2% in the same period.
Meanwhile, the correlation coefficient between DXY and XRP was -0.79 on July 24 compared to +0.25 on July 13, showing a greater likelihood of XRP dropping further if the dollar keeps rising in the coming months.What's next for XRP price in July? From a technical standpoint, XRP has entered an overbought correction stage after its weekly relative strength index climbed to 72, its highest level since April 2021, last week.The bear scenario will have XRP price decline toward $0.59 in July or early August. This level was support during the July 2021-January 2022 session and is also the 0.236 Fib line of the token's Fibonacci retracement graph .Conversely, a decisive close above the 0.382 Fib line near $0.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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