According to U.Today, XRP, currently the seventh-largest cryptocurrency by market cap, may be set for a significant price increase in July, based on historical trends. Over the past two years, XRP has consistently performed well in July, ending the month with substantial gains. In July 2022, XRP closed the month 14% higher, and this bullish momentum continued into July 2023, with a 48% increase. The 2023 surge was largely due to a pivotal ruling in the Ripple lawsuit, which stated that XRP was not a security, boosting investor confidence and contributing to the positive price movement.
In June 2024, XRP's price experienced an 8% decline. However, if the historical bullish pattern persists, XRP could rebound strongly in July. This anticipation is based on a combination of past performance and market sentiment. The Ripple lawsuit ruling last year played a significant role in boosting XRP's price, and any further positive developments in the ongoing legal battle could have a similar impact. Broader market trends and potential positive news about Ripple and XRP Ledger could also drive XRP higher.
At the time of writing, XRP was trading at $0.4792. The XRP price has maintained its rebound since Friday's low of $0.468 and will mark the fourth consecutive day of gains if today closes in the green. If XRP continues its current bounce and breaks above its daily SMA 50 and 200 at $0.503 and $0.556, respectively, it may attempt a climb to the range's overhead barrier at $0.57. In the event of further falls, the $0.46 support may be critical to monitor in the short term. If this key support is lost, XRP might fall to $0.41.
XRP has a history of strong performance in July, with substantial gains recorded in the past two years. If this trend continues, the cryptocurrency could see a significant rebound following a bearish June. Investors will be watching closely, hopeful that historical patterns will hold and lead to a bullish July for XRP. However, it should be noted that while historical trends provide a useful guide, they are not a guarantee of future performance.
