XRP, the seventh-largest cryptocurrency by market cap, could be on the verge of a significant price surge this July if historical trends hold true.
XRP’s Historical Performance Points to Potential Gains
Over the past two years, XRP has demonstrated remarkable performance in July, closing each month with impressive gains:
July 2022: XRP saw a substantial increase, closing the month 14% higher.
July 2023: XRP experienced an even more dramatic rise, closing the month with a 48% gain.
The 2023 surge was notably driven by a pivotal ruling in the Ripple lawsuit, which declared that XRP was not a security. This legal victory boosted investor confidence and contributed to the positive price movement.
Current Market Sentiment and Price Action
Looking at the current scenario, XRP’s price experienced an 8% decline in June 2024. However, if the historical bullish pattern continues, XRP might rebound strongly in July.
As of now, XRP is trading at $0.4792. The price has sustained its rebound since Friday’s low of $0.468 and could mark the fourth consecutive day of gains if today closes in the green.
Key levels to watch:
Daily SMA 50 and 200: If XRP breaks above $0.503 and $0.556, it may climb to the overhead barrier at $0.57.
Support Level: In the event of further declines, the $0.46 support level is critical. If this key support is lost, XRP might fall to $0.41.
Future Outlook
The anticipation of a July surge is based on a combination of past performance and current market sentiment. Last year’s Ripple lawsuit ruling played a crucial role in elevating XRP’s price. Any further positive developments in the ongoing legal battle could have a similar impact. Additionally, broader market trends and potential positive news regarding Ripple and the XRP Ledger could also drive XRP higher.
Stay tuned for more updates as we monitor XRP’s performance this month. Will history repeat itself?