XRP News Today: XRP Drops 2% Amid Broader Crypto Selloff, Analysts Bullish on Future

XRP, the cryptocurrency associated with Ripple, experienced a slight decline of over 2% today, trading at approximately $2.92. This pullback comes after a recent surge past the $3 mark, sparking discussions among market participants about the potential for a rebound and continued upward momentum.

The broader crypto market selloff contributed to the recent plunge in XRP's value. Some investors are taking a pause after a robust rally, while others are booking profits. Additionally, traders were awaiting the US CPI inflation figure, which exceeded expectations in June.

Despite the setback, a top analyst has expressed confidence in XRP's potential, setting a conservative price target of $12. However, the analyst emphasized that XRP must breach key resistance levels to achieve this target. The analyst's chart analysis indicates that XRP has bounced from the 9 SMA on the monthly timeframe and has broken out of a bullish pennant pattern, suggesting a highly bullish sign. Once XRP closes above $3.65 with confirmation, it could trigger a significant price surge.

According to the analyst's measured move analysis, there are two possible scenarios. For the “full pole” measurement, XRP price may rally to $15 or $23. In a “conservative pole” measurement, the price may reach $12 or $16. This bold prediction has sparked interest among investors, who are eagerly awaiting XRP to break out of its current range.

Meanwhile, the XRP ETF has gained notable traction from market participants. Recently, the NYSE Arca approved ProShares Ultra XRP ETF, sparking market enthusiasm. An ETF expert suggested that BlackRock might file for a Spot XRP ETF, further bolstering market confidence. However, the expert also mentioned that BlackRock might file for a Solana ETF.

Another analyst highlighted the $3 mark as a crucial milestone for Ripple coin. If XRP can maintain the $3 support, the next target will be at $4.8. This short-term bullish target has added to the optimism surrounding XRP's potential for growth.