In July 2022, XRP demonstrated a remarkable performance with a 14% increase. This surge created great excitement among investors and was supported by the general market optimism. This increase made XRP perceived as a reliable investment tool and boosted its market value. Now, similar expectations dominate among cryptocurrency investors because a similar rise was also expected for 2023.
XRP Experienced Major Growth in 2023
The following year, in July 2023, XRP achieved even greater success with a 48% increase in value. This rise was a direct result of the decision in the Ripple case that XRP was not a security. The legal victory boosted investor confidence and led to a rapid increase in the cryptocurrency’s value.
June 2024 was challenging for XRP, with the price experiencing an 8% drop. This decline caused short-term disappointment among market players. However, historical data indicates a strong possibility of recovery in July.
What Are the Expectations for July?
At the beginning of July, XRP increased by 2.24% in the last 24 hours, reaching $0.4828. This rise signaled a recovery from its recent low of $0.468. If this trend continues, XRP may experience its third consecutive day of gains.
Looking at the market sentiment around XRP, we see optimism among investors. The positive decision in last year’s Ripple case is still felt, and investors believe a similar legal development could push the price up again. Additionally, potential good news related to Ripple and the XRP Ledger is expected to boost market sentiment.
What Prices Could XRP Reach?
If XRP can rise above the daily SMA 50 and 200, which are $0.503 and $0.556 respectively, it could reach the general barrier of $0.57. However, if the price falls, monitoring the $0.46 support level will be critical. Losing this support could cause XRP to drop to $0.41.
The potential performance of XRP in July is evaluated optimistically based on past successes and current market dynamics. Investors hope that historical patterns will continue and that XRP will rise this month. At the time of writing, the XRP price was trading at $0.48.
