XRP price prediction: Bullish bias holds above $3.10 despite correction
XRP is trading near $3.13 on July 29, consolidating after a sharp retreat from its recent multi-year peak above $3.50. The pullback comes amid profit-taking activity following an extended uptrend, but key support zones are holding for now.
Highlights
- XRP trades near $3.13 after retracing from its multi-year high above $3.50
- Key support between $3.07 and $3.12 coincides with 20-day EMA, helping stabilize price
- Options open interest rose 38.19% while Binance long/short ratio sits at 2.651
Price has rebounded from the $3.07 to $3.12 region, closely aligned with the 20-day EMA at $3.06, which remains a pivotal area for short-term direction. On the daily chart, XRP’s broader trend remains decisively bullish following a breakout from a long-standing descending triangle earlier in July. The breakout cleared significant resistance at $2.75 and $3.00, pushing the asset toward the $3.50 mark before encountering overbought conditions. The recent drop in RSI from 72.76 to 57.86 suggests cooling momentum, though not a full reversal.
XRP price dynamics (Source: TradingView)
Support from rising EMAs continues to bolster price stability. As long as the $3.05 to $3.12 band holds, upside targets near $3.35 and $3.50 remain achievable. A failure to hold this zone, however, could expose the lower support cluster around $2.75 to $2.85.
Derivatives flows remain constructive
In derivatives markets, 24-hour XRP trading volume surged 38.25% to $13.7 billion, indicating elevated participation. At the same time, open interest fell 7.32% to $8.88 billion, suggesting a round of long liquidations or profit-booking. Notably, options open interest rose 38.19%, and the long/short ratio remains bullish across major platforms.
Binance recorded a ratio of 2.651, while OKX showed 2.16, reflecting sustained interest from leveraged buyers. The data points to a market that remains bullish in positioning, even as price undergoes a corrective phase. If spot price stabilizes above $3.12, renewed upside could follow.
In our July 28 coverage, we flagged the importance of the $3 breakout and warned of a possible cooldown as the asset approached overbought conditions. With the pullback now underway, XRP appears to be testing the very support zones highlighted earlier.
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