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September could be a game-changing month for $XRP. As one of the most talked-about cryptocurrencies, investors and enthusiasts are wondering whether the price will crash or skyrocket. In this $XRP price prediction article, we'll explore the key factors that could influence $XRP's price this month and help you understand what to watch for in the coming weeks.
How has the $XRP Price Moved recently?
$XRP Price Prediction">
As of today, $XRP is priced at $0.56801, with a 24-hour trading volume of $1.57 billion and a market cap of $31.95 billion, giving it a market dominance of 1.53%. Over the last 24 hours, $XRP's price has risen by 1.15%.
$XRP hit its all-time high of $3.92 on January 4, 2018, while its lowest price of $0.002802 was recorded on July 7, 2014. Since its peak, the lowest price $XRP reached was $0.113268 (cycle low), and the highest price since then was $1.97793 (cycle high). The current sentiment for $XRP price prediction is neutral, with the Fear & Greed Index indicating a score of 29 (Fear).
$XRP has a circulating supply of 56.25 billion out of a maximum supply of 100 billion. The yearly supply inflation rate stands at 6.45%, meaning 3.41 billion $XRP were created over the past year.
$XRP Price Prediction: $XRP Price is fluctuating
$XRP has managed to hold steady above the key $0.5550 support level, much like Bitcoin and Ethereum. Although the price tried to initiate a recovery, it was short-lived. $XRP briefly rose above $0.5650, reaching up to $0.5750, before facing another drop.
After retesting the $0.5550 support, $XRP formed a low at $0.5567 and is currently consolidating its losses. The price did recover slightly, moving above the 23.6% Fibonacci retracement level from the recent $0.5767 high to the $0.5567 low.
However, $XRP remains below $0.5750 and the 100-hour Simple Moving Average. On the upside, resistance is expected near the $0.5680 level, with a more significant resistance around $0.570. A bearish trend line is also forming on the hourly chart, with resistance near $0.570 for the $XRP/USD pair.
Will $XRP Price Crash or Skyrocket in September?
The outlook for $XRP in September presents a mixed picture, with potential outcomes hinging on how market participants perceive its long-term value versus its current price action.
The recent 2% intraday drop, contributing to a 6% weekly decline, paints a discouraging picture, especially when compared to the year-to-date performance of its peers like Solana, Bitcoin, and BNB. $XRP's 8.16% loss since January has led some investors to lose confidence, with declarations that $XRP is "dead" becoming more common.
However, Versan Aljarrah, founder of Black Swan Capitalist, offers a contrarian perspective, arguing that these price movements are mere distractions from $XRP's true value proposition.
He believes that the fluctuations are designed to "shake out" short-term traders, while the real value of $XRP lies in its technology and its role as a potential backbone of the new banking system. Aljarrah's confidence in $XRP's future, even suggesting a potential long-term price of $10,000, underscores his belief in its strategic importance in the evolving digital finance landscape.
Given this, the prediction for September hinges on market sentiment. If traders continue to focus on short-term price movements, $XRP may see further declines or stagnation. However, if the market begins to recognize and factor in the long-term potential highlighted by proponents like Aljarrah, $XRP could stabilize or even begin to recover.
While a dramatic skyrocket in price seems unlikely in the short term, a crash is also not inevitable, especially if the broader market starts to appreciate $XRP's foundational role in future financial systems.