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on July 24, the cryptocurrency market came under pressure, with the total capitalization falling by 6% to $ 3.92 trillion. Bitcoin BTC $77,612.58 Bitcoin -2.97% Market capitalization $1.56 trillion VOL. 24 hours $1.39 billion held above $ 118,000 with a slight drop of 0.7%, but altcoins lost more: Ethereum ETH $2,438.21 Ethereum -2.33% Market capitalization $294.25 billion VOL. 24 hours $0.84 billion dropped by 6%, and XRP XRP $1.38 XRP -3.63% Market capitalization $86.69 billion VOL. 24 hours $0.2 billion - by 10%. Over the past day, traders have lost significant funds due to liquidations, including $ 89 million for XRP.
Despite the sharp decline, analysts call it a «healthy correction» after the previous growth: in 20 days, XRP rose by 92% from $ 1.95 to $ 3.66. According to experts, such market pullbacks are natural, and medium-term forecasts remain optimistic. XRPunkie analyst believes that the target of $ 10−15 remains achievable, and in the longer term, even $ 20−30 is considered. He also notes that the minimum level for XRP is currently $ 8.
Experts emphasize that if the positive trend in the altcoin market continues, XRP may overcome the historical high of 2018 at $ 3.84. Other signals include the formation of the classic Bowl and Handle pattern on the chart, which usually implies further growth and can raise the rate above $ 7.
Interest in XRP is also supported by corporate news. The American company Nature’s Miracle recently purchased $ 20 million worth of XRP for its treasury, and Brazilian VERT launched a blockchain platform based on the XRP Ledger worth $ 130 million. This indicates an increase in confidence in the coin on the part of businesses and financial institutions, even despite market volatility.