XRP’s price may be on the brink of a bullish rally, according to historical data and crypto analysts. Over the past five years, XRP has seen strong gains each July, making it a potential breakout month for the altcoin.
While the market has been largely bearish, particularly between April and June, July has stood out as a month of significant growth for XRP, with double-digit gains recorded in four of those years.
Many crypto analysts, such as CasiTrades, believe that XRP has the potential of attaining a new all-time high in this current market cycle. The basis of this possibility is in the end of the consolidation period of the altcoin, which, according to analysts, is now coming to an end.
Dark Defender, another analyst, predicts that after this consolidation, XRP could enter a bullish “Wave 5,” with target prices ranging from $3.75 to $5.85—new ATHs for the token.
However, the altcoin is not without risk, as XRP may possibly drop below the $2 mark before the start of the rally. Indeed, Egrag Crypto said that a major liquidation event could drag the price down to as low as $1.4. But if the correction is short-lived, the price of XRP could rise above $2.22 and $2.30 to target new highs.
With each passing day, traders and investors are waiting for the much-anticipated bull run of XRP in the month of July.
Also Read: XRP Targets $3 As Price Looking to Breakout from Golden Cross
