Ripple (XRP) Expected to Settle at $1.20 by End of July…$2 Possibility Slim

▲ Ripple (XRP) ©

Forecasts in the prediction market indicate a high probability that Ripple's token, XRP, will exceed $1.20 by the end of July. However, the market anticipates limited upside, with a very low probability of breaking $2 even if the uptrend continues.

According to the cryptocurrency media outlet Finbold on July 4 (local time), the 'July XRP Price' prediction contract on the decentralized prediction market Polymarket reflects a 70% probability of XRP closing July above $1.20. With less than 28 days remaining until the contract expires, the market generally maintains a bullish outlook but expects limited further gains.

The outlet reported that XRP traded at approximately $1.14 at the time of the snapshot, having steadily risen from about $1.05 at the beginning of July, marking an increase of approximately 8.5%. In contrast, the probability of reaching $1.40 was 16%, $1.60 was 4%, and $1.80 was only 3%. Notably, the chance of reaching above $2 was just 1%, and above $2.20 was rated at less than 1%.

The outlook for a downside scenario was relatively low. The probability of XRP falling below $1 was 38%, and the chance of dropping below $0.80 was 5%. The possibility of falling below $0.60 was only 2%. Consequently, the market sees the highest probability of XRP exceeding $1.20 by the end of July, but a strong rally beyond $1.40 is considered limited, the outlet stated.

In technical analysis, maintaining the current recovery hinges on defending key support levels. As of the time of reporting, XRP had risen approximately 3.55% in 24 hours and about 8% over the past week. The short-term support zone is identified as $1.08-$1.10, and an analysis suggests that maintaining this zone is crucial for the current rebound to continue. Conversely, if $1 breaks, selling pressure could intensify, potentially leading to a drop to $0.90-$0.93. On the upside, $1.15 was cited as the first resistance level, and if this level is broken on a daily closing basis, there could be room for a rise to the next major resistance level of $1.20, the outlet explained. Subsequently, the $1.35-$1.40 range was presented as a key mid-term resistance zone.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*