After many weeks of heavy decline, XRP price is back on track, increasing by more than 9% in the past seven days to reach a peak of over $0.64. Moreover, the market valuation of this token is now more than $30 billion, with over $1.5 billion in trade volume. In this article, we will go through the previous downturn of XRP, the recent turnaround in the price, and speculations for the future.
XRP Price Decline in the Last Few Months
Despite the recent price increase, there was a serious downturn in XRP’s price in the last few months, with the price going to as low as $0.48 in April 2024. However, it will only get worse in the months to come, with the XRP’s price dipping to a year-record low of $0.40 at the beginning of July. It had a massive price decline back in July, from the first day to July 13th, with the price staying consistently below $0.50.
The market valuation of this token also had a subsequent decline in reaction to the bearish sentiment of its price. In the last 90 days, the lowest market valuation was less than $22 billion. However, there was a resurgence in XRP’s price, climbing above $0.50 on July 14th to reach as much as $0.64.
XRP Price at $0.56 Reaches Over $30 Billion Valuation
XRP price finally found its foot in the crypto market, with the price sitting comfortably above $0.56 and the market valuation above $30 billion. According to CoinMarketCap, it is currently the 7th most valuable cryptocurrency, boasting a sizable trading volume of over $1.5 billion.
In the past day, there’s been a 3% increase in price, reaching a high of $0.60, while having a low of $0.56. Moreover, there was a 9% growth in the past seven days, with the price moving from less than $0.53 at the start of the week to more than $0.64. This excludes subsequent increases of 21% and 13% appreciation in the 30-day and 90-day charts of this token. However
However, the biggest question is about the future of XRP in light of the current events.
Future of XRP
At the moment, XRP is speculated to have a positive outlook for the future. Apparently, one of the biggest issues for the altcoin is its regulatory hurdles with the US Securities and Exchange Commission. On Friday, the SEC rescheduled the July 18 closed meeting to July 25. From the viewpoint of many crypto enthusiasts, they expect a settlement between the two parties to be the talking point.
“With daily local media coverage of XRP and influencers mentioning it, it seems that trading volume is focused on the token. There seems to have been a sudden increase in trading volume as SEC-related news has been in the spotlight,” Bradley Park, a Web3 analyst at on-chain analysis firm CryptoQuant said to CoinDesk.
According to more analyses from Coincodex, they expect the price of this token to increase by as much as 20.70% and reach $ 0.712346 by August 19, 2024. This is mainly because the technical indicators of this token are bullish, with 26 technical analysis indicators signaling bullish signals, and 5 signaling bearish signals. However, only time will tell if XRP reaches the analyst’s optimistic speculations or not.
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The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
