Ripple (XRP) is following the steps of Bitcoin in the market, rising by over 38% after Bitcoin hit over $61k. The recent increase comes after a few weeks of staying consistently below $0.50. In this article, we will explore the bearish sessions of the XRP price to less than $0.50 and the price increase to $0.57.
XRP Price Increases Above $0.50 After a Massive 38% Performance
XRP price has an impressive performance in the market, after more than a 38% increase in the past few days that moves the price of this token to as much as $0.53. To understand how impressive this is for the token, we will go through the previous periods of bearish sessions that made the price go to less than $0.50.
In fact, from the 21st of June to the late hours of July 12th, XRP price has not been able to go beyond $0.50. Moreover, the lowest price of this token in the last 30 days has been $0.39, while the highest price stays at $0.57, which was recorded on July 13th.
The latest increase in XRP’s price brings the appreciation of the monthly chart to over 10%. On the other hand, the weekly chart stays at over 20%, while there’s an 8% increase in the 3-month chart. Following the rise in the price of this token, the market cap also made a jump to almost $30 billion, with the trading volume in the last 24 hours at more than $1.5 billion.
Why Did the Price Decline?
There were reasons behind the decline in XRP’s price, and it affected the broader crypto market as well; according to data from Arkham Intelligence, the German government was involved in an extensive run of sell-offs, which affected Bitcoin’s price and XRP as well. Apparently, the German government made sure they sold all their $2.4 billion worth of Bitcoin in their possession to crypto exchanges and over-the-counter services.
Furthermore, the SEC’s July 3 filing in response to Ripple’s “Notice of Supplemental Authority was a massive hit to the crypto project. The filing from the government commission meant they declined Ripple’s request to reconsider its $2 billion penalty. These two major factors were behind the decline in XRP’s price within this period before the recent resurgence.
XRP Price Prediction for the Future
According to several analyses, the price outlook for XRP seems to be bullish even in the next few days. There are speculations that the price of this token could increase by 21% and reach $ 0.64 by July 20, 2024. Moreover, there’s also a long-term prediction from Coincodex, saying the price of XRP could surge by 19% and reach $ 0.63 by August 14th. All these are mainly because of the technical indicators of this token, such as the relative price index.
Conclusion
There was a price resurgence from XRP after many weeks of massive losses, reducing to as low as $0.39 within 30 days. However, an excellent performance in the last few days made this token recover above $0.50, taking the price to as much as $0. 57. Still, there are predictions that XRP might still do better in the crypto market. The short-term prediction of this token shows it could increase to $0.64, while the long-term prediction is moving towards $0.63. However, what happens in the market for the next few days will also determine.
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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.
