The price of XRP is skyrocketing on the market today as the coin is preparing to end July as its best month thus far this year. Real-time market data shows that XRP is trading for $0.6492, up by 8.01% in 24 hours. At this growth rate, XRP has jumped by more than 37% in the past month, outpacing many of its peers on the market.
History breaker
For XRP, this year has been filled with enormous positive and negative twists and turns. Data from Cryptorank confirmed this trend, with July coming off as the best for the coin since January. In January, XRP ended the month with a more than 18% drop.
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February and March saw XRP jump by 17.1% and 7.11%, respectively, while there was a 20.8% derailment in April. A recovery was seen in May, when the price of XRP closed the month with a 3.2% rally. June saw the outflow trend worsen as XRP ended the previous month at an 8.2% drop.
XRP Monthly Performance Chart. Source: Cryptorank
After the drawdown recorded this past month, the expectations of a rebound filled the market, especially amid the Ripple v. SEC settlement claims. XRP is naturally considered a laggard, however, the prospects of a settlement and liberation shifted sentiment among investors, pushing XRP into the limelight.
What does August hold for XRP?
By the nature of the financial market, XRP might have hit a cliff with its performance this month, a move that might see it record a slight reversal in August.
However, the impact of any Ripple v. SEC settlement of judgment might prove to be a new catalyst for the coin. Also, trends like the XRP whale activity surge might be sustained, driving another uptick in the long term.
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The month of August has an average growth rate of 2%, a historical precedent that shows XRP might show more resilience in the coming month.
