The post Can Ripple’s XRP Bounce Back After July’s Disappointing Rally? It’s XRP Vs Altcoins Now appeared first on Coinpedia Fintech News
Given the current market scenario, it is very clear that not all projects soar to the moon. Some struggle, facing challenges and stagnation. According to analysts, XRP is among the worst-performing altcoins in the market. The question remains: will it ever recover?
XRP has had a rough ride over the past year and is still down by approximately 18.4%. This performance pales in comparison to other altcoins. For instance, Solana is up by 63%, Dogecoin by 82.75%, Toncoin by 370%, and Chainlink by 77.4%.
According to analyst Crypto Crusader, despite its underperformance, XRP had a significant price movement in July, which many hoped would mark a turning point. Historically, XRP has experienced substantial highs during bull runs, but whether it can replicate this pattern remains uncertain. According to him, XRP only has two major market cycles to analyze, making it difficult to predict future performance accurately.
He said that the upcoming developments and community-driven initiatives could potentially turn the tide for these altcoins. Key initiatives include decentralized identity infrastructure, oracles for over-collateralized stablecoins, multi-purpose tokens, and the EVM sidechain. These efforts are aimed at expanding institutional DeFi on the XRP Ledger, which previously had minimal activity.
Recent integrations, like Ripple’s partnerships for tokenization and the introduction of tokenized gold in 2024, are set to boost DeFi on the XRP Ledger. The analyst concluded and said that many altcoins are down over 90% from their highs, and this is just before an anticipated alt season. XRP’s relisting on major exchanges suggests strong future performance.
What’s Next For XRP?
On July 25, RLinda on Tradingview said that amid rising trading volumes and local price highs, XRP is seeing increased whale accumulation. Key technical levels to watch are resistance at $0.6378 and $0.7440, with support at $0.5712 and $0.5100. If XRP fails to break the resistance, it might test support levels before any further price increase.
