Here’s Why XRP Price May Skyrocket this Month

XRP has historically shown strong performance in July. With July 2024 already here, investors are closely analyzing past trends and current market sentiment to gauge XRP’s potential price movement.

A Look Back at XRP’s July Performance

Over the past two years, XRP has exhibited remarkable gains in July. In 2022, the price closed the month 14% higher, and in 2023, a surge of 48% was recorded.

Notably, the 2023 increase coincided with a pivotal court ruling in the ongoing lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC). The ruling clarified that XRP was not a security, boosting investor confidence and contributing significantly to the positive price movement.

In June 2024, XRP experienced an 8% price decline. However, based on historical trends, some analysts anticipate a potential rebound in July. This expectation is fueled by a combination of past performances and ongoing developments within the XRP ecosystem.

Factors Influencing Potential Price Movement

The legal battle between Ripple and the SEC remains a key factor influencing XRP’s price. Any positive developments in the lawsuit, such as a favorable settlement, could trigger a similar bullish response observed in July 2023. Additionally, broader market trends and positive news regarding Ripple and XRP Ledger advancements could contribute to a price increase.

Current XRP Price Action and Technical Analysis

As of writing, XRP is trading at $0.4828. The price has exhibited a positive trend since Friday’s low of $0.468, marking a potential fourth consecutive day of gains if the upward trajectory continues through today.

Technical indicators suggest that surpassing key resistance levels of $0.503 (daily SMA 50) and $0.556 (daily SMA 200) could propel XRP toward a higher resistance point of $0.57. Conversely, a price drop below the crucial support level of $0.46 could lead to a further decline towards $0.41.

Although historical performance offers valuable insights, it is crucial to acknowledge that past trends do not guarantee future results. XRP’s price movement in July 2024 will depend on a confluence of factors, including the ongoing lawsuit, broader market conditions, and developments within the Ripple ecosystem.

Despite the June decline, investors remain cautiously optimistic, with the hope that historical patterns might hold and lead to a bullish July for XRP.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Times Tabloid is not responsible for any financial losses.

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Solomon Odunayo

Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.