XRP, the native cryptocurrency of Ripple, has been consolidating in the midst of the current downtrend in the crypto market. Despite the overall market conditions, historical data suggests that July could be a bullish month for the XRP price. Crypto analysts like CasiTrades are optimistic about the altcoin potentially reaching a new all-time high in the current market cycle.
According to data from Cryptorank, XRP has shown significant gains in July over the last five years, making it a potentially bullish month for the altcoin. In contrast, April to June have been mixed months for XRP, with varying levels of bullish and bearish trends. However, July has consistently been a strong month for XRP, with four out of the five months showing double-digit gains.
Analysts like Egrag Crypto have predicted that XRP could reach double digits by its peak in July 2021. With reference to previous bull runs, these analysts believe that XRP could potentially reach $27 by the end of July. This positive outlook is supported by the historical data that points to July as a strong month for XRP price performance.
Crypto analysts Dark Defender and CasiTrades have suggested that the consolidation phase for XRP may be coming to an end soon. Dark Defender believes that the final consolidation phase is nearing completion and anticipates a Wave 5 that could send XRP to new highs. Major resistances and support levels have been identified, with price targets set at $3.75 and $5.85 for the upcoming bullish wave.
CasiTrades, on the other hand, has predicted that XRP could reach $6 as the Wave 2 correction comes to an end. There is also a possibility of XRP rallying to $9.50 and $12 if it achieves the 2.618 and 3.618 Fibonacci extension levels. However, there is still a risk of XRP dropping below $2 before rallying to new highs, as warned by Egrag Crypto, who suggested a potential drop to $1.4 in the event of a major liquidation.
In conclusion, the historical data and analysis from various crypto analysts point to a potentially bullish month for XRP in July. With strong gains recorded in previous Julys and optimistic price predictions from experts, XRP holders may have reason to be hopeful for a positive price performance in the coming weeks. While there are risks of price drops and corrections along the way, the overall sentiment remains positive for XRP’s price trajectory in the near future.
