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XRP, the seventh-largest cryptocurrency by market cap, might be poised for a significant price surge in July, if historical trends are any indication. Over the past two years, XRP has shown remarkable performance in July, closing the month with impressive gains.
In July 2022, XRP saw a substantial increase, closing the month 14% higher. This bullish momentum carried over into July 2023, when XRP experienced a 48% rise.
The 2023 surge was notably driven by a pivotal ruling in the Ripple lawsuit, which declared that XRP was not a security in itself. This legal victory boosted investor confidence and contributed to the positive price movement.
Looking at the current scenario, XRP's price experienced a decline in June 2024, dipping by 8%. However, if the historical bullish pattern continues, XRP might rebound strongly in July.
The anticipation is based on a combination of past performance and market sentiment. The Ripple lawsuit ruling last year played a crucial role in elevating XRP's price, and 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 XRP Ledger could also drive XRP higher.
XRP price action
At the time of writing, XRP was up 2.24% in the last 24 hours to $0.4828. The XRP price has sustained its rebound since Friday's low of $0.468 and will mark the third 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.
It should, however, be borne in mind that while historical trends provide a useful guide, they might not be a guarantee of future performance.