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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?
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.