The start of the August market seems to be shining on hardcore XRP investors as the price bounces back to the $ 1 level.
As is well known, the leap made by XRP was also influenced by Ripple’s announcement stating that GME Remittance company in South Korea has joined RippleNet.
Having reached the $ 1 level, XRP is seen to have gained a market cap of over $ 47 billion with a volume rate of $ 9 billion in 24 hours.
Looking at the XRP/USDT chart, it seems that the XRP price is stuck in the resistance zone around $ 1.05- $ 1.10 which is a difficult level to break in May and June.
If the $ 1.05- $ 1.10 resistance zone is successfully broken, the next target is expected to test the price zone around $ 1.20- $ 1.25.
If the price continues to make higher gains, it is not impossible for XRP to retest the 2021 high around $ 2.
But for that to happen, XRP needs a double market cap of another $ 47 billion to reach the $ 2 high.
The price movement is expected to test the RBS (resistance become support) zone of $ 0.90- $ 0.93 to make the latest HL (higher low) before resuming ‘rocketing’.
If a decline occurs, the next RBS zone around $ 0.80- $ 0.83 will be redirected to determine the next movement signal.
As of 5.00 pm local time, the XRP price is down about 1% to trade at a price level of around $ 1.
